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Fuel card news: Opec oil 'should top $100'

08 September, 10
A Libyan official has warned that the Opec oil production cartel may need to charge in excess of $100 a barrel for crude oil to counteract the effects of recent economic developments.

In an interview with Dow Jones Newswires, National Oil Corporation chairman Shokri Ghanem explained that increases in the price of wheat have had a negative impact on Opec members' financial situations.

"The food bill has increased very much," he told the news provider. "Oil should be commensurate to this increase and we feel that $100 a barrel should now be the new target for Opec."

Mr Ghanem revealed that Opec countries are largely dependent on food imports from abroad and suggested their economic power had weakened considerably since the sudden spike in wheat costs.

Last month, AFP reported that the Centre for Global Energy Studies had warned Opec that high oil prices could continue to hamper the global financial rebound.

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Fuel card news: Opec oil 'should top $100'