OPEC sights set for now on $50-60 per barrel oil - PIRA's Ross
OPEC producers have their sights set on a sustained oil price of $50-$60 per barrel, a modest ambition for the first cut in supply by the oil exporting group in eight years, says one of the industry's top forecasters.
Benchmark U.S. oil prices CLc1 have risen around $4, or around nine percent, to over $48 per barrel since the Organization of the Petroleum Exporting Countries (OPEC) agreed last week to shave output.
"You don't manage the market unless you have a price in mind," said Gary Ross, founder and executive chairman at the New York-based consultancy PIRA.
"They are... read more
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