Saudi Arabia said to want oil prices to rise to cUSD60 in 2017
Saudi Arabia reportedly wants crude oil prices to rise to cUSD60 a barrel this year, according to OPEC and industry sources. This is the level the OPEC heavyweight and its Gulf allies -the United Arab Emirates, Kuwait and Qatar- believe would encourage investment in new fields, but not lead to a jump in U.S. shale output, sources said. OPEC officials have repeatedly said the group does not target a specific oil price, and their focus is on drawing global oil inventories and helping the market to re-balance.
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