OPEC and the "Fair Price" of Oil

OPEC officials generally define the targeted oil price as being fair and just for both producers and consumers. Previously viewed as a mere rhetoric, this slogan is now enshrined in the recent "OPEC Long-Term Strategy," particularly on page 18 thereof, where OPEC stated, "There is a need to support fair and stable prices." In this sense, these prices must provide the producer with reasonable revenues, while safeguarding the consumers' interests.

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