Gulf OPEC OK for now with $50 oil, sees risks

TOKYO (Reuters) - Gulf oil producers said on Sunday they can tolerate moderate crude prices for longer to help revive global growth, but shared a concern with consumer nations that a prolonged period of low prices could sow the seeds of a future fuel price spike.
At a meeting with Asian oil consumer countries including Japan and China, the two sides agreed oil prices will need to rise eventually to support investment in production capacity to prevent prices getting out of control when demand rises again.
Middle East OPEC members said they were satisfied with oil at $50 a barrel or less while the economy was on the mend. That suggests Gulf producers may push the Organization of the Petroleum Exporting Countries to maintain a moderate stance when the group next meets on May 28 to decide output policy.
"I think this is very pragmatic, $40-$50 this is a pragmatic price for 2009," said Qatari Oil Minister Abdullah al-Attiyah.