OPEC may lift its controversial price target of $22-$28 a barrel to take account of the weakening US dollar and inflation over the past four years. President Purnomo Yusgiantoro said some members had asked the oil cartel to study whether it should raise the band, which tracks seven crude prices. "Opec doesn’t think an increase in price band will hurt the world economy," he said. "Opec thinks oil at $32-$34 a barrel is safe to grab a bigger slice of the pie for them." Members will debate a new target in June, with a band of $25-$32 likely. |