Monday, September 10, 2007

$70 crude not justified by fundamentals-Exxon

from Reuters

Exxon Mobil's top official said on Friday that oil market fundamentals did not justify a crude oil price as high as $70 a barrel. Oil prices on Friday were above $76 a barrel on the New York Mercantile Exchange. Exxon CEO Rex Tillerson, speaking at a conference in Calgary, added that OPEC powerhouse Saudi Arabia had the resources and technology to boost its oil production capacity to 12.5 million barrels per day.

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