Opec's oil production is unlikely to change much in 2015 and there is no need to panic at the crude price drop, Opec's secretary general has said, adding to indications the exporter group is in no hurry to cut output.
Abdullah al-Badri said output of higher-cost oil supplies such as shale would be curbed if oil remained at around $85 a barrel, while the organisation enjoys lower costs and will see higher demand for its crude in the longer term.
The drop in the oil price to below $100, the level many Opec members had endorsed, has raised questions over whether Opec will cut supply when it meets in November. Mr Badri said Opec's output was unlikely to change much next year, adding to signs a decision to cut in November is unlikely.
"I don't think 2015 will be far away from 2014 in terms of production," Mr Badri said at the annual Oil & Money conference in London. "There is nothing wrong with the market."
Brent crude has dropped more than a quarter from above $115 per barrel in June as abundant supplies of high-quality oil such as US shale have overwhelmed demand in many markets, filling stocks worldwide.
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