(MENAFN- The Peninsula) LONDON: Opec's oil production is unlikely to change much in 2015 and there is no need to panic at the crude price drop, Opec's secretary general said yesterday, adding to indications the exporter group is in no hurry to cut output.
Abdullah Al Badri (pictured)also said output of higher-cost oil supplies such as shale would be curbed if oil remained at around $85 a barrel, while the Organisation of the Petroleum Exporting Countries enjoys lower costs and will see higher demand for its crude in the longer term.
Oil's drop below the $100-mark, the level many Opec members had endorsed, has raised the question of whether Opec will cut supply when it meets in November. Badri said Opec's output was unlikely to change much next year, adding to signs a decision to cut in November is unlikely. "I don't think 2015 will be far away from 2014 in terms of production," Badri told reporters in London at the annual Oil & Money conference. "There is nothing wrong with the market."
Brent crude has dropped more than a quarter from above $115 per barrel in June as abundant supplies of US shale have overwhelmed demand in many markets, filling stocks worldwide. Reuters
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