USD 70 per barrel crude price optimum: Attiyah

New Delhi, Jan 14 (PTI) State oil cartel OPEC's key
producer Qatar Wednesday pitched for USD 70 per barrel price
for crude oil to sustain investments in new projects that
would meet future energy demand.

"I think USD 70 per barrel will give companies incentives
to invest in new projects," Qatari Oil Minister Abdullah bin
Hamad al-Attiyah told PTI in an interview.

Low oil prices, as currently prevailing at USD 40 per
barrel, discourage investment in new projects and may lead to
another "oil shock".

"I am against high oil prices and also do not appreciate
low oil prices as it result in freeze on investment in new
resources and when growth comes back we will have another
shock as resources would not be enough to meet the demand," he
said.

Qatar which currently produces 7,35,000 barrels per day
and has a spare capacity of another 9,00,000 barrels per day,
said oil prices over USD 100 is not logical.

Attiyah said oil producers should not smile when crude
prices are at record high and consumers should not smile when
prices are low because both are counter productive. PTI ANZ JD
AM