Current Oil Prices Are Above Preferable Levels, OPEC+ Member Kazakhstan Says

“The work is ongoing to make [oil] prices more realistic,” said Bolat Akchulakov, energy minister of OPEC+ member Kazakhstan. “We have always said that the corridor of $60-$80 per barrel is a normal one... And today the price is $100.”

Tamara Vaal and Mariya Gordeyeva, Reuters

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.”

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access