OPEC: Oil prices to remain flat through mid-2009
Raw Story/Agence France-Presse
Published: Saturday November 29, 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.”