World News
OPEC Secretary-General: Low Oil Price Cycle "Will Not Continue"
Abdullah al-Badri, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), says that oil prices will head higher in "a few months or a year," the Globe and Mail reports.
"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," said Badri, who was speaking at the first OPEC-India Energy dialog in New Delhi.
"In a few months or a year or so this will change."
He noted that although OPEC does not have an official target price for oil, the group's member countries want a price where they can have a "decent income."
It is also important to have a price where OPEC members can invest in more supply to consumers, he added.
Badri noted that low prices have already resulted in $130 billion worth of planned industry investment being cut this year, and that non-OPEC supplies will decline by about 400,000 barrels per day next year.
However he believes that even events like a lifting of the crude oil export ban in the U.S. will not further weaken prices or affect OPEC's production level.
In November, Ship & Bunker reported that a leaked OPEC report showed the organization's belief that crude oil prices will remain under pressure through to 2019.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.50 | 0.00 | 665.50 | 1.00 |
| Rotterdam | 512.00 | 3.00 | 663.00 | 0.50 |
| Houston | 545.50 | 3.00 | 666.00 | 9.50 |
| Fujairah | 560.50 | 0.00 | 743.50 | 1.50 |
| Global 20 Ports Average | 584.00 | 1.00 | 751.50 | 2.00 |
| Global 4 Ports Average | 547.50 | 0.00 | 684.50 | 2.50 |
| Global Average Bunker Price | 633.50 | 0.50 | 805.50 | 0.00 |
Popular Now More
-
Nov 11Ship & Bunker explores whether legal and compliance concerns are starting to outweigh the apps' unquestioned convince. -
Nov 11OFAC says efforts to evade sanctions are becoming increasingly sophisticated. -
Nov 14The concern is that WhatsApp and other services can be used for conversations without the normal scrutiny that would cover conversations over work email or similar monitored services.