OPEC Keeping $22 - $28 Target Price Range for Oil

OPEC does not plan to raise its target price range for oil at the September meeting. President Rilwanu Lukman said the cartel did not want crude prices reaching $30 per barrel. OPEC is comfortable with the $22 - $28 price range. However, there is still some uncertainty about lifting the output curbs. Lukman said any decision to raise oil output would only be made at the Osaka meeting. "As the President of OPEC I don't decree on increase in production I listen to the recommendations," he said. "It is only the conference that can decide on that." Lukman said OPEC needs to look at forecasts for oil consumption before deciding on any increase. "It's a bit early," he said. "We need to check the figures, the forecast for the remaining part of the year and especially the first quarter of next year before we take a decision on any increase."