As OPEC members prepare to meet on Friday some delegates have suggested that $80 per barrel may be a fair price for the group’s crude.
Oil ministers from Angola, Iraq and Venezuela told Reuters that they may be comfortable with a $75 to $80 per barrel price point.
Iraqi oil minister Abdel Mahdi called the price range “equitable.”
Officials from Saudi Arabia, OPEC’S largest producer, have not commented on the matter.
“If oil prices recover, shale production will go higher again. So we need to get used to a totally different dynamic,” Eni CEO Claudio Descalzi said Wednesday.
Last May, Saudi Arabian oil minister Ali al-Naimi said a $100 per barrel price point is “fair” for producers, oil companies and consumers.
While some industry executives have forecast months, or even years, of price softness analysts remain divided over just how low oil prices will stay.
According to a Reuters poll conducted this week, Brent prices are expected to hover around $70 per barrel next year.
However, there was a nearly $40 difference between the highest and lowest forecasts among the poll respondents.
Earlier this week, an unnamed senior OPEC delegate from the Arab Gulf said OPEC will most likely keep its current 30 million barrel per day production target in place at the behest of members from the Arab Gulf region.
Saudi Arabia has repeatedly defended the production target and argued that the group can not be singlehandedly responsible for safeguarding oil prices.
“It’s significant that somebody is even talking about price after the last meeting, but until the Saudis say it, it’s not something you want to put a lot of credence into,” senior oil analyst at Wood Mackenzie Ann-Louise Hittle told Reuters.
OPEC is set to meet on June 5 in Vienna, Austria.