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Oil prices in reverse amid Opec call
"It is vital the market addresses the issue of the stock overhang. As you can see from previous cycles, once this overhang starts falling then prices start to rise," he told a conference in London.
Despite the ongoing refusal of Saudi Arabia, the dominant Opec member, to cut production, Mr al Badri nevertheless blamed countries outside the cartel for the huge global oil glut.
"Yes, Opec provided some of the additional supply last year, but the majority of this has come from non Opec countries," he said.
Opec accounts for almost 42% of the world's oil production.
Analysis: Andrew Walker, BBC Economics CorrespondentWhat's an oil producer to do amid tumbling prices?
Ask everybody in the business to cooperate, it seems.
If you're Opec, that means asking non members, such as Russia to join in with curbing production.
It must be said that the prospects of any co operation from outside Opec are weak at the best of times.
But it has got harder in the last decade.
The surge in US shale oil means it is much more difficult to manage the market without American co operation, which would never be forthcoming.
The US government wouldn't want to work with Opec, and in any case private companies are the ones taking the decisions.
They will cut if it makes commercial sense to them and their shareholders.
'Future at risk'The Opec secretary general said all major producers should agree on methods to reduce stockpiles and thus help prices recover.
"The current environment is putting this future at risk. At current price levels, it is clear that hermes gold birkin cheap not all of the necessary future investment is viable," Mr al Badri said.
Prices briefly fell to less than $28 a barrel earlier this month.
HSBC hermes birkin gold cheap has lowered its forecast for the average price of Brent crude in 2016 from $60 to $45 a barrel, while UniCredit lowered it from $52.50 to $37 a barrel.
The prospect of Opec members cutting production remains unlikely. Indonesia's Opec representative said that only one member of the cartel supported calling an emergency meeting to discuss ways of boosting oil prices.
The chairman of Saudi Aramco, the state owned oil giant, said on Monday that prices would ultimately rise to a moderate level as global demand increased.
The Iraqi government said on Monday that oil output reached a record high in December, producing as much as 4.13m barrels a day.
Hans van Cleef, senior energy economist at ABN Amro in Amsterdam, said: "The news that Iraq has probably hit another record builds on the oversupply sentiment. The oversupply will keep markets depressed and prices low."
Iran, which has the world's fourth biggest oil reserves, is also preparing to resume exports now that sanctions have been lifted.
A fall in the number of oil rigs in the United States, one of Opec's biggest production rivals, could reduce output, with Goldman Sachs predicting hermes birkin price copy a decline of 95,000 barrels per day this year.
Analysts at Energy Aspects said global oil inventories would continue to rise in the next few months, but should start to decline by the summer.
Explore vintage birkin bag cheap the BBC Home Home News News Sport Weather Shop Earth Travel Capital iPlayer Culture Autos Future TV Radio CBBC CBeebies Food iWonder Bitesize Travel Music Earth Arts Make It Digital Taster Nature Local Tomorrow's World
"It is vital the market addresses the issue of the stock overhang. As you can see from previous cycles, once this overhang starts falling then prices start to rise," he told a conference in London.
Despite the ongoing refusal of Saudi Arabia, the dominant Opec member, to cut production, Mr al Badri nevertheless blamed countries outside the cartel for the huge global oil glut.
"Yes, Opec provided some of the additional supply last year, but the majority of this has come from non Opec countries," he said.
Opec accounts for almost 42% of the world's oil production.
Analysis: Andrew Walker, BBC Economics CorrespondentWhat's an oil producer to do amid tumbling prices?
Ask everybody in the business to cooperate, it seems.
If you're Opec, that means asking non members, such as Russia to join in with curbing production.
It must be said that the prospects of any co operation from outside Opec are weak at the best of times.
But it has got harder in the last decade.
The surge in US shale oil means it is much more difficult to manage the market without American co operation, which would never be forthcoming.
The US government wouldn't want to work with Opec, and in any case private companies are the ones taking the decisions.
They will cut if it makes commercial sense to them and their shareholders.
'Future at risk'The Opec secretary general said all major producers should agree on methods to reduce stockpiles and thus help prices recover.
"The current environment is putting this future at risk. At current price levels, it is clear that hermes gold birkin cheap not all of the necessary future investment is viable," Mr al Badri said.
Prices briefly fell to less than $28 a barrel earlier this month.
HSBC hermes birkin gold cheap has lowered its forecast for the average price of Brent crude in 2016 from $60 to $45 a barrel, while UniCredit lowered it from $52.50 to $37 a barrel.
The prospect of Opec members cutting production remains unlikely. Indonesia's Opec representative said that only one member of the cartel supported calling an emergency meeting to discuss ways of boosting oil prices.
The chairman of Saudi Aramco, the state owned oil giant, said on Monday that prices would ultimately rise to a moderate level as global demand increased.
The Iraqi government said on Monday that oil output reached a record high in December, producing as much as 4.13m barrels a day.
Hans van Cleef, senior energy economist at ABN Amro in Amsterdam, said: "The news that Iraq has probably hit another record builds on the oversupply sentiment. The oversupply will keep markets depressed and prices low."
Iran, which has the world's fourth biggest oil reserves, is also preparing to resume exports now that sanctions have been lifted.
A fall in the number of oil rigs in the United States, one of Opec's biggest production rivals, could reduce output, with Goldman Sachs predicting hermes birkin price copy a decline of 95,000 barrels per day this year.
Analysts at Energy Aspects said global oil inventories would continue to rise in the next few months, but should start to decline by the summer.
Explore vintage birkin bag cheap the BBC Home Home News News Sport Weather Shop Earth Travel Capital iPlayer Culture Autos Future TV Radio CBBC CBeebies Food iWonder Bitesize Travel Music Earth Arts Make It Digital Taster Nature Local Tomorrow's World
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