The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Abdulah el-Badri, stated on Saturday that “the price of oil will not rise from mid-2009.”
"Oil prices will not rise before the second half of 2009," he predicted after the advisory meeting of the organization in Cairo. When asked whether the targeted price of $75 per barrel, mentioned by Saudi King Abdalah on Saturday, would be achieved after mid-2009, el-Badri answered affirmatively.
The Organization of the Petroleum Exporting Countries OPEC decided on Saturday at a meeting in Cairo to maintain unchanged oil production quotas at 27.3 million barrels per day, said Algerian Oil Minister Chakib Khelili after the advisory meeting of the organization.
Representatives of the 12 OPEC member countries met to discuss production cuts due to falling oil prices, but decided that the final decision would be made at the meeting on December 17 in Algeria. Before the start of the meeting, the organization’s Secretary General said that OPEC would "make a decision in Oran."
The head of the organization, Saudi Oil Minister Ali al-Nouaimi, stated that the extraordinary meeting in Cairo, convened due to falling oil prices, is preparatory before the final decision that will be made in Algeria. His Kuwaiti counterpart shared a similar opinion. After a record $147.50 on July 11, prices fell below $50 last week, the lowest level in the last four years.
"This is an advisory meeting. We will discuss production cuts and the impact of reductions on the oil market," emphasized Kuwaiti Minister Mohamed al-Olaim. (Hina)
