Oil prices are unlikely to break out of the mid-$70 level, Oman’s oil and gas minister told CNBC Monday, adding that he thought prices were currently “fair.”
“I think for the rest of this year we should see stability between $70 and the high 70s (dollars a barrel), or low 70s to high 70s,” Mohammed bin Hamad Al Rumhy, said.
“Because this is the wish of all of us who are cooperating with OPEC to provide the market with enough crude to make sure that the consumers are not impacted and we think that the current price is a fair price,” he told CNBC’s Hadley Gamble in Muscat, Oman.
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Craig Erlam
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