5 Jun 2015
Cannot have oil at USD 100/barrel now – OPEC’s Badri
FXStreet (Mumbai) - The Organization of the Petroleum Exporting Countries (OPEC) Secretary General Abdallah Salem el-Badri, in the press conference on Friday said, we are unlikely to see crude oil moving back to USD 100/barrel now.
Badri added that OPEC members must accept the new reality of oil trading below USD 100. He also said there is an agreement from all OPEC ministers to adhere to the oil production ceiling.
Brent oil has dipped slightly to USD 62.31/barrel from USD 62.62/barrel, mainly on account of a sharp rise in the USD index on account of a stellar monthly non-farm payrolls report in the US.
Badri added that OPEC members must accept the new reality of oil trading below USD 100. He also said there is an agreement from all OPEC ministers to adhere to the oil production ceiling.
Brent oil has dipped slightly to USD 62.31/barrel from USD 62.62/barrel, mainly on account of a sharp rise in the USD index on account of a stellar monthly non-farm payrolls report in the US.