Oil markets will see some positive results in 2016, OPEC Secretary-General Abdullah al-Badri said on Tuesday, while calling again on non-OPEC producers to share the burden if higher prices were to be achieved through production cuts.
“We are following the market day in and day out, month in and month out we see that 2016 is really producing some positive results,” Badri said at a panel at the ADIPEC oil and gas conference in Abu Dhabi.
Badri also said non-OPEC members should shoulder the burden of balancing the market and cutting supply when prices are high.
“I sat with them twice, last year and this year, we said let us agree that there is an oversupply and we should share this burden together and everybody was saying no OPEC must cut production,” Badri said.
The Organization of the Petroleum Exporting Countries, which decided in November last year to focus on maintaining market share instead of supporting oil prices, holds its next policy-setting meeting at its Vienna headquarters on Dec. 4. It is widely expected that OPEC will continue with its no-cut policy.
About Alfonso Esparza
Senior Currency Strategist, OANDA, Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, he established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto. Follow on Twitterand on his Google+ profile.