Badri: Opec has no target price

Dubai - Opec secretary-general Abdullah al-Badri said on Sunday he believed that Gulf countries should continue to invest in exploration and production despite oil hitting a five-year low, to prevent a future sharp hike in prices.

Badri, in his first public comments since an Opec meeting last month, said the group had no target price for crude.

He said in Dubai that he also believed the United States would continue to depend on Middle East oil for many years.

Opec last month decided to leave the output ceiling unchanged.

Consumer sentiment

Oil's relentless slide pounded energy stocks and currencies exposed to crude exports on Friday, doused appetite for riskier assets and pushed investors into the safety of government debt despite strong US consumer sentiment.

Badri said November's decision to leave output unchanged was not aimed at any other oil producer.

"Some people say this decision was directed at the United States and shale oil. All of this is incorrect. Some also say it was directed at Iran. And Russia. This also is incorrect," he said.

Brent crude settled at below $62 a barrel on Friday after the world energy watchdog forecast even lower prices on weaker demand and larger supplies next year.