Opec can ride out cheap oil, says head - FT.com

Opec can ride out cheap oil, says head - FT.com:



"Opec, the oil producers’ group, can ride out a slump in oil prices and keep output unchanged, its head said on Sunday, arguing market weakness did not reflect supply-and-demand fundamentals and could have been driven by speculators.



Speaking at a conference in Dubai, Abdullah al-Badri defended November’s decision by the cartel not to cut its output target of 30m barrels per day in the face of a drop in crude prices to multiyear lows.



“We agreed that it is important to continue with production [at current levels] for the . . . coming period. This decision was made by consensus by all ministers,” he said. “The decision has been made. Things will be left as is.”"



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