• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 5 hours Iran Is Winning Big In The Middle East
  • 2 hours Trump cancels Denmark visit amid spat over sale of Greenland
  • 8 mins Not The Onion: Vivienne Westwood Says Greta Thunberg Should Run the World
  • 15 hours Nor Chicago, nor Detroit: Killings By Police Divide Rio De Janeiro Weary Of Crime
  • 13 hours Strong, the Strongest: Audi To Join Mercedes, BMW Development Alliance
  • 11 hours US to Drown the World in Oil
  • 2 days Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 1 hour OPEC will consider all options. What options do they have ?
  • 16 hours With Global Warming Greenland is Prime Real Estate
  • 14 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 2 days NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 2 days A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 10 hours Long Range Attack On Saudi Oil Field Ends War On Yemen

Breaking News:

UK’s Oil Tanker May Soon Be Released

Alt Text

Oil Markets Face Nightmare Scenario

Financial markets saw their worst…

Alt Text

Oil Rises As Market Awaits Saudi Move Counter Glut

Despite another gloomy demand forecast…

Alt Text

The Threat That Will Send Oil Down To $10

French bank BNP Paribas published…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Premium Content

OPEC Head Calls for $65 Oil

A minimum price of $65 a barrel for oil is “badly needed at the moment” according to Qatari energy minister Mohammed bin Saleh al-Sada.

On Tuesday, the Qatari minister told the Associated Press that crude has not been trading at a “fair price."

The two-year steep drop in oil prices sets the stage for the next meeting of the Organization of Petroleum Exporting Countries in Vienna on June 2nd.

The minister, who also serves as the head of OPEC, did not rule out the possibility of, once again, suggesting that member countries halt production to force the price of oil up. Related: Key Pipeline Could Unleash Alberta’s Oil Sands

The 13-member bloc’s last meeting in April failed to result in a production freeze after Saudi Arabia backed out of a negotiated deal at the last moment.

Iran has also said it would not participate in proposed freezes as it builds its capacity to pre-sanctions levels over the course of 2016.

The oil market’s recovery has been “slow and steady,” al-Sada said, adding that the “fundamentals” of the sector indicate that it is “heading in the right direction.” Related: Saudi Market Share Takes A Hit As Russia Doubles Oil Exports To China

The $65 ‘fair price’ would encourage investment in the ailing oil markets and secure future oil supply, the minister said.

After last month’s OPEC summit in Doha failed to construct a united front against low oil prices, the head of Rosneft, Russia’s largest oil company, commented that the cartel "has practically stopped existing as a united organization.”

Russia and OPEC are natural rivals, although there has been a sense of shared hardship, especially after the discovery of shale in the U.S., when both parties began pumping more and more crude to preserve their market share.

Saudi Arabia, known to be OPEC’s de facto leader, competes with Russia to supply oil and natural gas to China - the world’s second largest energy consumer.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment
  • gh on May 25 2016 said:
    $65 badly needed........LOL! $1 million badly needed in my bank account.
  • JP on May 27 2016 said:
    Which happens to be where shale oil is barely profitable.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play