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Price of Oil Dips Below OPEC Comfort Zone

Doha, Qatar : 17 May 2010

The price of a barrel of oil has dipped below OPECs ‘comfort zone’ of $70 per barrel, despite hopes that the price could be maintained between a range of $70 and $80 a barrel.

Abdullah bin Hamad al-Attiyah, the Energy Minister for Qatar, present at a Doha forum said today that a price of $75 per barrel would be considered ‘reasonable’ and expressed concerns that if oil is any cheaper then producers are left with little incentive to invest in deeper water explorations.

Al Attiyah stated last week that the bail-out package offered by Europen governments to Greece had left oil producers with little confidence that the Greek financial crisis might spread beyond its own borders and further destabilise the price of oil.

Sarah O'Connell, Staff Writer, Gulf Jobs Market
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