Paris, Nov 03: The organization of petroleum exporting countries appears to favour prices of more than USD 25 a barrel, the head of the international energy agency said here today. Opec's officially preferred price range is USD 22-28 a barrel.
"I think that at the moment the range appears to be above the official range," IEA Executive Director Claude Mandil told journalists.
"I detect today that Opec is acting as if it did not want prices between USD 22 and 28 but above USD 25."
Mandil said he found current oil prices to "still very high" and that oil stocks need to be boosted.
"I again think that stocks still need to be replenished, and I understand that on that point I differ from what Opec officials think.
"But I still think it is a need because the stocks are in the low range, the bottom, of the five-year range."
In London earlier today oil prices forged ahead in early trading amid speculation over the whether Opec would cut output again next month.
The price of Brent North Sea crude oil for December delivery gained 22 cents to USD 27.92 per barrel in early deals.
Bureau Report