According to Bloomberg, the OPEC Secretary-General said oil prices are 'likely to remain around $45 to $50 a barrel and then recover'. The Iraqi Oil Minister also said that 'prices have probably reached the bottom'.
Oman, the biggest Middle Eastern oil producer that’s not a member of OPEC, joined Venezuela and Iran in questioning the group’s decision to keep its output target unchanged even with crude prices falling.
Venezuela’s Foreign Minister Rafael Ramirez said on the Telesur television network on Dec. 10 that Venezuela hoped there would be a special OPEC meeting before its next scheduled meeting in June. “Our position on OPEC is that they defend the fair price of our oil,” he said. “We must make an effort to reduce overproduction.”
Of course, this does not mean that the crude price won't go lower.
It's just the first sign in a slight change of language from OPEC.
According to Bloomberg, the OPEC Secretary-General said oil...
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