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OPEC chief hopes for price revival by end H2 2015
(MENAFN- Arab News) ABU DHABI: OPEC Secretary-General Abdullah Al-Badri said he hoped to see a recovery in the price of oil by the end of the second half of 2015.
'We hope the price would rebound by the end of the second half of 2015' he said.
'We can't see the market now we have to wait until the end of the second half of 2015 to see how the market react to these low prices.'
Qatar's Oil Minister Mohammed Al-Sada earlier said that the oil market is experiencing a 'temporary correction' and fundamentals should dictate a fair price for oil.
'We believe in the role of market fundamentals in dictating prices' he told a meeting of ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC) in Abu Dhabi.
Al-Sada also said the main reason for oil's plunge in recent months was slow growth of the global economy and an increase in sources of supply particularly unconventional.
Current oil prices may result in a weakening of investments in oil and gas projects he added.
Speaking to reporters on the sidelines of the conference. Iraq's Oil Minister Adel Abdel Mahdi said he saw no need for an emergency meeting of OPEC but 'we have to wait and see' whether the group made the right decision to keep its output unchanged.
He said that he saw prices stabilizing at around current levels of about $60 a barrel.
He said Iraq's total oil production would reach four million barrels per day (bpd) after Baghdad reached an agreement on exports with Kurdish regional authorities.
Iraq's government reached a temporary agreement with Kurdish regional authorities on Dec. 2 to end a dispute over oil exports and budget payments to the semi-autonomous Kurdish region.
'We hope the price would rebound by the end of the second half of 2015' he said.
'We can't see the market now we have to wait until the end of the second half of 2015 to see how the market react to these low prices.'
Qatar's Oil Minister Mohammed Al-Sada earlier said that the oil market is experiencing a 'temporary correction' and fundamentals should dictate a fair price for oil.
'We believe in the role of market fundamentals in dictating prices' he told a meeting of ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC) in Abu Dhabi.
Al-Sada also said the main reason for oil's plunge in recent months was slow growth of the global economy and an increase in sources of supply particularly unconventional.
Current oil prices may result in a weakening of investments in oil and gas projects he added.
Speaking to reporters on the sidelines of the conference. Iraq's Oil Minister Adel Abdel Mahdi said he saw no need for an emergency meeting of OPEC but 'we have to wait and see' whether the group made the right decision to keep its output unchanged.
He said that he saw prices stabilizing at around current levels of about $60 a barrel.
He said Iraq's total oil production would reach four million barrels per day (bpd) after Baghdad reached an agreement on exports with Kurdish regional authorities.
Iraq's government reached a temporary agreement with Kurdish regional authorities on Dec. 2 to end a dispute over oil exports and budget payments to the semi-autonomous Kurdish region.
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