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Current oil prices are above preferable levels, OPEC+ member Kazakhstan says

Friday, 05 August 2022 | 13:00

Current oil prices of around $100 per barrel are above the preferable range of $60-80 per barrel, Bolat Akchulakov, energy minister of OPEC+ member Kazakhstan, told reporters.

OPEC+ meets on Wednesday amid market expectations for steady or slightly increased oil output. Most member countries are already pumping near capacity and are unable to meet U.S. calls for bigger production to help address soaring prices.

“The work is ongoing to make (oil) prices more realistic,” Akchulakov said. “We have always said that the corridor of $60-80 per barrel is a normal one… And today the price is $100.”

The United States has put OPEC leaders Saudi Arabia and fellow ally the United Arab Emirates under pressure to pump more and Akchulakov said a possible production increase would be discussed on Wednesday.

“Currently, there is a question that maybe production should be increased in order not to overheat demand… post-COVID demand is growing,” he said.

Kazakhstan itself has previously produced above its OPEC+ quota and planned to catch up on compliance this year as some of its biggest oilfields go into maintenance.
Source: Reuters (Reporting by Tamara Vaal and Mariya Gordeyeva; editing by Christina Fincher and Jason Neely)

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