| The current slump in oil prices will be short-lived, OPEC's secretary-general said, defending the oil-producing group's November decision not to cut its production. "I tell you, the price will rebound and we will go back to normal very soon," Abdalla Salem el-Badri said while speaking at the World Economic Forum in Davos, Switzerland.
Oil prices have fallen more than 50 per cent since June amid surging production in the US and steadfast output from the Organization of the Petroleum Exporting Countries, despite an increasingly sluggish demand picture. In the past, OPEC has cut its output to prop up oil prices, but Mr el-Badri said the producer group couldn't keep cutting back to prop up non-OPEC suppliers...............................................Full Article: Source
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