Current oil prices of around $100/bbl are above the preferable range of $60/bbl-$80/bbl, Bolat Akchulakov, energy minister of OPEC+ member Kazakhstan, told reporters on Aug. 3.
OPEC+ meets on Aug. 3 amid market expectations for steady or slightly increased oil output. Most member countries are already pumping near capacity and are unable to meet U.S. calls for bigger production to help address soaring prices.
“The work is ongoing to make [oil] prices more realistic,” Akchulakov said. “We have always said that the corridor of $60-$80 per barrel is a normal one... And today the price is $100.”
The U.S. has put OPEC leaders Saudi Arabia and fellow ally the United Arab Emirates under pressure to pump more and Akchulakov said a possible production increase would be discussed on Wednesday.
“Currently, there is a question that maybe production should be increased in order not to overheat demand... post-COVID demand is growing,” he said.
Kazakhstan itself has previously produced above its OPEC+ quota and planned to catch up on compliance this year as some of its biggest oil fields go into maintenance.
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