OPEC’s El-Badri Says Oil Will Rebound Instead of Fall to $20 - Bloomberg

OPEC’s El-Badri Says Oil Will Rebound Instead of Fall to $20 - Bloomberg:



"Oil prices will rebound rather than extend their decline to as low as $20 a barrel because a collapse since June isn’t merited by global supply and demand, OPEC’s Secretary-General said.



Producers outside the Organization of Petroleum Exporting Countries should be first to reduce their output amid a surplus that’s pushed crude below $50 a barrel, Abdalla El-Badri said in an interview with Bloomberg Television at the World Economic Forum in Davos, Switzerland on Wednesday. Iraq, OPEC’s fastest-growing supplier, said it needs to boost output to compensate for revenues eroded by the price slump.



“The price will not go to $20 or $25, I think the price will stay at where we are now,” El-Badri said. “We have seen this before -- prices coming down very fast and go up very slow. But prices will rebound.”"



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