| Growing numbers of OPEC delegates say they expect no rapid recovery in oil prices, even as the market shows signs of a tentative rally from near six-year lows. One delegate from a country outside the Gulf and a relative price hawk in OPEC said he doubted oil would revisit $100 a barrel this year or next, and that this should encourage less dependence on oil revenue in national budgets.
"Based on supply and demand, the price for this year and next will probably not go beyond $100," the delegate told Reuters on condition of anonymity. "We have to get a lesson from this. The budgets should not depend on a high oil price."..............................................Full Article: Source
|