Oil prices to begin rebounding soon

(MENAFN) OPEC said that it expects that oil prices have reached the bottom and that they will begin rebounding soon, Arab News reported.

"Now the prices are around $45-$55 and I think maybe they reached the bottom and will see some rebound very soon. It will take another 4-5 months and we will not see some concrete efforts before the end of the first half of the year," OPEC Secretary-General said.

OPEC also maintained that it made the right decision last November when it decided to keep its oil output as it was despite the continuous fall in oil prices, adding that any oil supply cut would lead to spare capacity, a lack of investment and an eventual shortage of oil and then eventually a price spike.

The Organization added that it does not expect any changes in Saudi Arabia's oil policy after King Abdullah's death and King Salman taking reign, saying that the Kingdom is known to having a stable government, thus things are projected at staying the same.