Speaking at an industry conference in Paris, Abdullah said, “There [are] suggestions to raise OPEC’s targeted prices from their current US$22-US$28 range. [I am] not yet aware of any formal proposal to increase the targets at OPEC’s June 3 ministerial meeting in Beirut but the oil ministers [are] likely to discuss the idea.”
Abdullah would not say whether or not Qatar would vote for an increase.
This revelation comes on the back of many OPEC members calling for higher price targets. Understandably, such a call has been met with severe disapproval by many industrialised non-OPEC nations. The Paris-based International Energy Agency has also warned such an increase will hurt the global economy.
