OPEC chief ‘comfortable’ with oil prices

by Associated Press

Published: September 14,2010

Tags: energy, gasoline, gasoline prices, Oil, oil and gas, petroleum

VIENNA — The chief of the Organization of the Petroleum Exporting Countries suggests oil production will likely stay unchanged for some time as the group waits to see how the world economy recovers.

Abdalla El-Badri says OPEC is “comfortable” with the current oil cost range, adding the Vienna-based group doesn’t want to “rock the boat” as the world recovers from the global economic downturn.

He also told reporters that OPEC doesn’t want to see a “double dip recession” and that a change in quotas and prices this year depends on “circumstances.”

El-Badri spoke at a news conference marking the 50th birthday of the oil producing bloc.

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