DUBAI, United Arab Emirates – The secretary-general of OPEC is urging Gulf Arab nations to continue investing in oilfield development despite the sharp slide in crude prices.
Speaking Sunday at a forum in Dubai, Abdullah al-Badri says the investment will help prevent a shortfall in supply once demand picks back up in the future.
Oil prices have slid sharply in recent weeks, with benchmark U.S. crude settling at $57.81 a barrel last week.
Al-Badri says OPEC has no target price it seeks for a barrel of oil. He says the United States will continue to rely on Mideast petroleum despite rising domestic shale oil production.