OPEC President: $68-71 favorable oil prices

By Wang Jianfen and Wang Bo (chinadaily.com.cn)
Updated: 2009-07-03 15:26

Oil price floating between $68 and $71 per barrel is favorable for both oil consumers and producers, Jose Botelho de Vasconcelos, OPEC president said on Friday when attending the Global Think Tank Summit in Beijing.

"If the price rise to between $70 and $75 a barrel, oil producers are the beneficiaries," he said, who is also the Angolan Minister of Petroleum.

The OPEC president said earlier that the group's goal was to achieve $75 a barrel by the end of the year, according to Reuters.

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