Badri says OPEC has no target price, recommends more oil investment

DUBAI - OPEC Secretary-General Abdullah al-Badri said on Sunday he believes that Gulf countries should continue to invest in exploration and production despite oil hitting a five-year low, to prevent a future sharp hike in prices.

Badri, in his first public comments since an OPEC meeting last month, said the group had no target price for crude.

Speaking at an event in Dubai, he also said he believed the United States would continue to depend on Middle East oil for many years. OPEC last month decided to leave output ceiling unchanged.