“I think price of 50 to 60 is actually healthy for the world because for consuming countries it is a fair price for energy and for producing countries it is a fair price for their product,” he noted.
The demand of oil being produced and oil consumed is equal now, according to Dudley.
“OPEC has a goal of getting the stock level down to the average of the last five years. That’s a lower number,” he said.
“So I think we are heading in that direction. I think there are some variables, such as demand for production that comes from Libya, Nigeria, Venezuela; there is still uncertainty around that, so there are some factors that can drive production up and down a little bit but I think we are on the right track in terms of stock levels before.”
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