|
CNBC'S MOST SHARED
- The New Definition of Networking
- House Votes to Add $2 Billion To Cash-for-Clunkers Program
- Diamondbacks' CEO: Publishing Steroid List Would 'Finally Put It Behind Us'
- Economy Shrinks Modestly, But Consumption Falls
- Evolution of Web Ads: Social Media's New Challenge
- 'Twittering' One's Thumbs During Bank Robbery
- The Top 10 Most Interesting Trends In Sports
- Clunkers Out of Gas?
- House Adds $2 Billion to Cash for Clunkers Program
- US Cities with the Worst Road Rage
- 'Cash for Clunkers' Benefit: Boost to July Auto Sales
- Investors Like Rally's Chances, But Look to Take Profits
- FCC Wants to Know Why Apple Rejected Google App
- Bank of America Loses Three More Board Members
- Kudlow: Resilient Capitalism Resists Obama
- Will Biotech's July Rally Become a 'Summer Rally'?
- Cisco Earnings: What Will They Reveal About Economy?
- Expect 'Better Rebound' in Second Half: Strategist
- Henes: Non-Traditional Owners Must Think Like a Private Equity Sponsor
- 'We Were De-Splendored'
- Market 360: The Week's Best & Worst
- Hirschhorn: Achieving Greatness
- Recession Has Hit a Trough: Strategist
- Pros Say: ‘Unthinkable’ Pain Ahead for Banks
- The Summer of Biotech
- Options Boil on This Auto Maker
Text Size 
OPEC is satisfied with the current crude oil price, the president of the Organization of Petroleum Exporting Countries, Angolan Oil Minister Jose Botelho de Vasconcelos told reporters on Friday.
Asked if he was happy with the current oil price, he said: "Yes, I think so, because the price is good for all of us, consumers and producers. The economy has recovered a little bit and the price is balanced. We don't have a price target," he said, speaking on the sidelines of a conference in Beijing.
He said a price between $68 and $71 per barrel was appropriate, Xinhua news agency reported.
OPEC's job was to balance and stabilise the market, with current production of 25 million barrels per day, he said.
"At these levels, we are contributing to the market to stabilise the prices." Angola was China's second-biggest supplier of crude oil last year after Saudi Arabia, shipping 29.9 million tonnes, or 600,000 barrels of oil per day.
Botelho de Vasconcelos declined to comment on the chance of Angola signing an oil-for-loan deal, as several other of China's trading partners, including Brazil and Russia, have done this year.
"China worked with us to build our country," he said. "The contracts with some Chinese companies are working."
Print
Email
Data is a real-time snapshot *Data is delayed at least 15 minutes