OSAKA -(Dow Jones)- Crude oil prices of $22 to $25 a barrel are "reasonable" for oil consuming countries, Japan's trade minister said. "Of course, for an oil consuming nation, the lower the price, the better," Takeo Hiranuma told reporters Sunday. "But I think that for consumers, a price in the lower range (of that price band) would be reasonable."
Hiranuma was speaking after holding bilateral meetings with oil ministers from major oil exporters such as Saudi Arabia, the United Arab Emirates, Iran, Kuwait and Qatar on the sidelines of the International Energy Forum.
During those meetings he agreed with Saudi Arabia, Iran and Qatar to encourage and support Japanese investment in the oil and gas upstream sector in those countries.
Japan is the world's second largest oil consumer after the U.S. The resource- scarce country imports about 4 million barrels a day of crude oil, of which 87% comes from the Middle East.
Hiranuma also noted that oil producers and consuming nations agreed at the Forum on the need for stable oil prices at a reasonable level.
Members of the Organization of Petroleum Exporting Countries, most of which are attending the forum, have said a price of $22-$28/bbl for its crude basket is reasonable for both producers and consumers.
The OPEC basket of crudes was at $27.45/bbl Thursday, up from $27.36 Wednesday.
-By Maki Aoto, Dow Jones Newswires, maki.aoto at dowjones.com
(This story was originally published by Dow Jones Newswires)
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