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Opec says $90 is fair price for oil

Emirates 24-7, 21 October 2010

The current level of oil prices is fair and it will remain so even if they reach $90 a barrel, Opec’s secretary general was quoted on Thursday as saying. Abdullah Al Badri said the 12-nation Organisation of Petroleum Exporting Countries, which controls over 70 per cent of the world’s oil, can still influence the market but he added it was not to blame for the recent surge in crude prices.