26 Jan 2015
Oil market oversupplied by 1.5 million barrels per day – OPEC’s Badri
FXStreet (Mumbai) - The Secretary General of OPEC, El-Badri, said today that the oil market is oversupplied by 1.5 million barrels per day, while expressing hope that the market will recover in time.
On demand-supply mechanics, the Secretary General said that supply rather than demand will rebalance the oil market, further stating that discussions with non-OPEC producers to balance markets are possible.
Mr. Badri, who last week spoke at Davas, had said that oil prices would not fall to USD 20-25/barrel and that the producers outside of OPEC should be the first ones to cut output.
On demand-supply mechanics, the Secretary General said that supply rather than demand will rebalance the oil market, further stating that discussions with non-OPEC producers to balance markets are possible.
Mr. Badri, who last week spoke at Davas, had said that oil prices would not fall to USD 20-25/barrel and that the producers outside of OPEC should be the first ones to cut output.