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25 Jan 2016
Crucial that OPEC and non-OPEC producers hold talks – OPEC’s general secretary
FXStreet (Mumbai) - OPEC’s general secretary el-Badri reportedly said today that OPEC and non-OPEC producers hold talks to solve the oil stock overhang.
Similar comments have hit the wires in the recent past; however, the Saudi Kingdom has repeatedly said that it is ready to support oil prices only if other major producers cut production.
Key Quotes
Oversupply is mainly being caused by Non-OPEC
Oil market is undergoing a significant adjustment
OPEC already sees signs that the oil market will stabilize in 2016
Market situation is jeopardising investment in new supplies
Not all investment is viable at current prices
Similar comments have hit the wires in the recent past; however, the Saudi Kingdom has repeatedly said that it is ready to support oil prices only if other major producers cut production.
Key Quotes
Oversupply is mainly being caused by Non-OPEC
Oil market is undergoing a significant adjustment
OPEC already sees signs that the oil market will stabilize in 2016
Market situation is jeopardising investment in new supplies
Not all investment is viable at current prices