Saudi Arabia's foreign minister predicted on Tuesday that sky-high oil prices would sink back into Opec's $22-$28 price range for a yearly average.
The cartel's reference crude oil price has strayed beyond the top end of the band all this year. The Opec basket price now stands at $34.13 - stoked by concern over security in Saudi Arabia and Iraq and lean US gasoline stockpiles.
"We believe the prices will fall approximately within the agreed range for the average of the year," Saud al-Faisal told a news conference.
"We perceive that range as a range that would serve producers and consumers alike and we maintain that policy."
The Saudi foreign minister said world crude oil prices, driven to levels last seen during the 1990 Gulf War, were being propelled by "structural issues" in some consuming nations.
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