September 24, 2018 / 7:28 AM / 3 months ago

Oil at around $70/barrel suits both suppliers and consumers: KPC CEO

People pass a signage of the 34th Asia Pacific Petroleum Conference (APPEC) in Singapore September 24, 2018. REUTERS/Edgar Su

SINGAPORE (Reuters) - Global oil prices at around $70 a barrel would be good for both producers and consumers, allowing for oil and gas investments while not hurting demand, a senior Kuwaiti oil official said on Monday.

“We need to have a balance where higher prices won’t destroy demand ... while higher prices also encourage investment,” Kuwait Petroleum Corp’s Chief Executive Officer Nizar Al-Adsani said at the Asia Pacific Petroleum Conference (APPEC).

“So I think prices that are around $70 would be acceptable to both suppliers and consumers.”

Reporting by Florence Tan; editing by Richard Pullin

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