OPEC President announces fair oil price

OPEC President announces fair oil price

The oil market is slowly recovering from its steep drop over the past two years but crude is still not trading at a 'fair price' of $65 per barrel, OPEC President, Qatar's energy and industry minister, Mohammed bin Saleh al-Sada, said.

Speaking to The Associated Press, Mohammed bin Saleh al-Sada said a minimum price of $65 a barrel is "badly needed at the moment." He cautioned that the security of future supplies is as risk because of the price slump that has squeezed oil producers since 2014.

"The oil market is recovering slowly but steadily. Luckily, the fundamentals show it is heading in the right direction. I don't think we are yet at a fair price. We need to have a fairer price so that we can have the ability to invest more in order to secure the energy supply to the world and avoid any price shock," he said.