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Dec 14, 2014 4:39 AM

OPEC chief urges continued oil investment

The Associated Press

DUBAI, United Arab Emirates (AP) 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.


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