Opec's Badri expects some oil price rebound soon
[LONDON] Oil prices at current levels may have reached a floor and could move higher very soon, Opec Secretary-General Abdullah al-Badri said on Monday.
"Now the prices are around US$45-US$55 and I think maybe they reached the bottom and will see some rebound very soon," Mr Badri said in an interview.
Asked about the prospects for Saudi Arabian oil policy under a new king, Mr Badri said: "Saudi Arabia is a stable country, is a stable government, and I think things will be normal."
Saudi King Salman was quick to retain veteran oil minister Ali al-Naimi on Friday, in a message aimed at calming a jittery energy market following the death of King Abdullah.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Anglo rejects BHP takeover bid as significantly undervalued
India rice prices at three-month low on shrinking demand
Gold prices set for weekly decline ahead of US inflation data
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply
Oil settles higher as weak US economic growth offset by supply concerns