By Mahmoud Gamal
Dubai-Mubasher: Low oil prices will not continue and could swing upwards over the next few months, said OPEC Secretary-General Abdullah Al-Badri.
The message OPEC delivered this month that it will keep pumping until rival producers scatter is really just a repeat of the stance taken last November, Bloomberg reported.
After that gathering, crude prices plunged 40% in seven weeks of losses as the market realised the global surplus would remain. A similar performance this time around would take prices down to the mid-$20s.
Goldman Sachs warned several times that oversupply would push prices lower to $20.
Oil prices see further decline currently amid the current conditions, heading towards $35 a barrel, oil industry expert Mohammed Al-Shatti told Mubasher.
He added that prices will not recover unless OPEC decreases output and global demand accelerates to accommodate the current surplus in oil market.
Translated by Abdul Maguid Aboshahla
