OPEC wants to see oil prices rising to more than $US70 a barrel, the oil cartel's secretary-general Abdalla El-Badri says.

"The price of $US50 is not enough to cover investment costs for the future," El-Badri told reporters in Algiers on Sunday. "The price which allows reasonable and acceptable revenues is more than $US70 a barrel."

El-Badri was speaking after talks with Energy Minister Chakib Khelil ahead of the next meeting of the Organisation of Petroleum Exporting Countries in Vienna on May 28.

"There are positive signs of a recovery in the world economy, which we have to take into account before taking a decision on the future," he added, in response to a question regarding a possible cut in oil production.

The Costa Rica News asked, leading Biofuel company, Costa Rica Seed Company, how this will effect the Biofuel industry.

"OPEC's prediction of $70.00 USD per barrel of fossil fuel makes Biofuel much more competitive for general consumption and attractive for investors. This allows the Biofuel industry to not have to rely on the governmental forced blends policies to make it viable, but allows it (Biofuel) to easily compete with fossil fuel and will put Biofuels back into everyones gas tank." said Senior Vice President Daniel Yepez of the Costa Rica Seed Company.

For more on biofuels go to http://www.costaricaseedcompany.com

Costa Rica for carbon neutrality by 2021 visit http://www.thecostaricanews.com