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Oil prices will not post further declines: OPEC

by ChemOrbis Editorial Team -
  • 17/12/2015 (16:35)
According to media reports, the Organization of Petroleum Exporting Countries’ (OPEC) secretary general, Abdalla Salem el-Badri, said that the declining trend in oil prices will not remain in place over the long term as lower oil prices will push higher cost producers, including the US, to cut production while weaker crude costs have already resulted in significant declines in new oil investments.

According to Badri, plunging oil prices have led to a $130 billion decline in investments in fresh oil production. Badri also expects oil supplies to decline by 400,000 barrels of oil per day (bpd) in 2016.
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