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OPEC Chief: Oil Price  May Rise
Energy

OPEC Chief: Oil Price May Rise

Global crude oil prices, which are at seven-year lows, will not continue and could swing upward in as little as a year, OPEC Secretary-General Abdullah al-Badri said on Tuesday, as the low-price cycle leads to cuts in output from some producers. Oil prices have fallen by about two-thirds since mid-2014, with Brent Crude on Monday flirting with its lowest level since 2004 at just above $36 a barrel, Reuters reported. Most analysts, however, do not expect oil prices to regain the $100 mark until 2017 or later, arguing that producers will continue to pump out more crude. "I've been in the oil business all my life. I saw six cycles: I saw very high price, I saw low price and this is one of them. This will not continue," Badri said at the first OPEC-India Energy Dialogue in New Delhi. "In a few months or a year or so, this will change," he said. Badri said OPEC does not have a target price but was looking for a fair value that meant "member countries can have a decent income".

 

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