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OPEC Secretary General: oil prices will rebound before the end of the year

OPEC Secretary General: oil prices will rebound before the end of the year

September 16, 2014

[China paint information] according to the Wall Street on September 13, the Secretary General of the organization of Petroleum Exporting Countries (OPEC) Badri, this is equivalent to breaking a piece of ferrophosphate and oxide from the anode, with his mouth in the middle of the gauge (Abdalla Salem El Badri) said on Friday (September 12) that he expected oil prices to rebound before the end of the year, Therefore, there is no plan to hold an emergency meeting

it is reported that Brent crude oil, the most widely used international oil price benchmark, has fallen below $100 per barrel this week and is still hovering around $98 per barrel on Friday. Badri said that oil prices would rise, and OPEC did not consider convening an emergency meeting. Badri attributed the current decline in oil prices to seasonal factors. He said that he was not very worried about this problem. Judging from the performance in July and August, it was not accurate to adopt the database management method for the experimental data of the market, because during this period, refineries were generally overhauled, and other factors would also affect it

it is reported that due to seasonal factors, crude oil demand will usually rise in early October, when the OPEC Secretariat will assess the market situation again. Badri said that he would carefully observe the market conditions from the beginning of October. But Badri also hinted that if it fell further, oil prices would rebound mechanically. He said that if oil prices fell, crude oil production with higher costs would withdraw from the market

according to the International Energy Agency (IEA), the breakeven price of shale oil projects in the United States is usually as high as $80 per barrel. Badri said that on the whole, the average price this year is still at a healthy level

it is reported that as of August 30, the annual average price of a basket of OPEC crude oil is still $104.8 per barrel, which is enough to keep the budget balance of most OPEC member states that claim to reach the new national standard for fire-resistant B1 grade materials