VIENNA — The chief of the Organization of the Petroleum Exporting Countries suggests oil production will likely stay unchanged for some time as the group waits to see how the world economy recovers.
Abdalla El-Badri says OPEC is “comfortable” with the current oil cost range, adding the Vienna-based group doesn’t want to “rock the boat” as the world recovers from the global economic downturn.
He also told reporters that OPEC doesn’t want to see a “double dip recession” and that a change in quotas and prices this year depends on “circumstances.”
El-Badri spoke at a news conference marking the 50th birthday of the oil producing bloc.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info