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