| The head of Opec has reiterated that it will not try to shore up plunging oil prices by reducing production. "The decision has been made. Things will be left as is," said Abdallah Salem el-Badri, secretary general of the oil producers' cartel, speaking in Dubai. On Friday Brent crude dropped below $62 a barrel, its lowest price since 2009.
"The fundamentals should not lead to this dramatic reduction [in price]," Mr el-Badri added. Mr el-Badri said Opec was "assessing the situation to determine what the real reasons behind the decrease in oil prices are". The comments are Mr el-Badri's first since Opec's meeting in Vienna last month, where it decided to leave production levels unchanged.............................................Full Article: Source
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