OPEC anticipates oil prices to rebound soon
(IraqiNews.com) On Wednesday, OPEC Secretary-General Abdullah al-Badri predicted that oil prices will soon rebound after its long fall since last June.
During his speech in the World Economic Forum in Davos, al-Badri said, “The price will rebound and soon recover,” noting that, “If OPEC members had reduced production, they would have had to reduce it again and again because non-members would increase their oil production.”
Al-Badri added, “Our policy is not directed against Russia or Iran or the USA.”
Noteworthy, crude oil prices have hit their lowest in five years on Jan. 14th, reaching $45.25 a barrel due to a major glut of oil supply in the world markets and low global demand, according to official figures.
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