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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: OPEC rubbishes IEA on oil prices AFP - Saturday, March 7 VIENNA (AFP) - - OPEC snapped back at the International Energy Agency (IEA) on Friday over its assessment that oil prices of around 40 dollars a barrel would be good for the global economy. ADVERTISEMENT "The IEA has said that the world would get a trillion-dollar economic stimulus if oil prices stay at around 40 dollars a barrel through 2009," the head of the Organization of Petroleum Exporting Countries, Abdalla Salem El-Badri, said in a statement. "The moderation of prices since last summer's extreme certainly offers some short-term relief to consumers. However, if the current low price environment persists, this short-term relief may not translate into long-term gain," El-Badri argued. "We all want to see the global economy back on its feet as quickly as possible," the cartel chief insisted. But "oil prices need to be at levels to help sustain economic growth by supporting longer-term energy industry investments across the board. Low oil prices inevitably mean less investment," he said. On Friday, New York's main futures contract, light sweet crude for delivery in April, was at 44.71 dollars a barrel and Brent North Sea crude for delivery in April stood at 44.33 dollars, way below the record highs of around 147 dollars seen last July. Saudi Arabia, the leading producer in the Organisation of Petroleum Exporting Countries, has estimated that a price of around 75 dollars would be "fair." Even the IEA, which represents industrialised oil-consuming countries, had recognised that a lack of investment now by OPEC "threatens a supply crunch around 2013, and a price surge," El-Badri said. IEA's position was therefore "confusing and misleading: whilst asking for prices to remain at 40 dollars, it also wants investments to be made that are not economically viable at these prices. It is a short-sighted view," the OPEC chief said. "OPEC remains committed to ensuring a stable, sound and sustainable oil industry, and upholding its investment plans when it makes business sense." El-Badri also took issue with the IEA's admonition to the oil cartel to "watch carefully the market and make proper decisions" before cutting supply. "OPEC always makes informed decisions," the oil chief retorted. "They are taken following careful analysis of all the various inputs, and in the interest of market stability. And this will be the case when OPEC meets again on March 15." OPEC will convene next weekend for a one-day meeting in Vienna to discuss whether a cut in output could help boost prices. The cartel has repeatedly cut production since September, and OPEC minsters have signalled a further cutback on March 15. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo The head of the Organization of Petroleum Exporting Countries, Abdalla Salem El-Badri, is pictured in 2008. OPEC snapped back at the International Energy Agency (IEA) on Friday over its assessment that oil prices of around 40 dollars a barrel would be good for the global economy. Most Popular – Top Stories Viewed Ladyboy lizards use transvestite trickery: researchers Banking meltdown drags Iceland into recession Zimbabwe PM hurt, wife killed in car crash: party Broken-legged smuggler caught with 'cocaine' cast Fresh gloom engulfs Asian markets View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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