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OPEC says oil price will not rebound until mid-2009

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Sunday, November 30, 2008

CAIRO (AFP) — OPEC predicted on Saturday that world oil prices would not rebound until mid-2009, after the cartel left its output unchanged at a consultative meeting in Cairo.

“The prices will not begin to rise before the second half of 2009,” said OPEC Secretary General Abdalla Salem El-Badri.

Oil prices have slumped by two-thirds since striking record highs above 147 dollars per barrel in July, as the market has been rattled by a looming global recession and weak demand.


El-Badri added that OPEC ministers have reached a “consensus” about cutting output at the next production meeting in Oran, Algeria, on December 17.

“There’s a general consensus for an action,” in Algeria, he added.

“We have to look at what happens to demand from here to Oran and… what is happening to stocks.”

This article was posted: Sunday, November 30, 2008 at 9:59 am

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