| The Organization of the Petroleum Exporting Countries (OPEC) is unlikely to change much on its output next year, and there is "no need to panic" at the price drop, said the OPEC's secretary general Abdalla El-Badri Wednesday in London.Badri said:" I don't think 2015 will be far away from 2014 in terms of production. There is nothing wrong with the market."
OPEC's expected production level is 30 million barrels per day (bpd) this year. "If prices stay at 85 U.S. dollars, we will see a lot of investment, a lot of oil, going out of the market, about 65 percent of the producers, they have high costs. Not OPEC," he told the conference...............................................Full Article: Source
|