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OPEC: We expect oil prices to rebound, but it is too early to determine the timing

July 31, 2015 at 1:59 pm

Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC) Abdullah Al-Badri told Russian Energy Minister Alexander Novak yesterday that oil prices will recover but it is too early to determine when this will happen

Al-Badri was quoted by Reuters as saying: “The current situation is a test for all producers and investors. While the prices … no doubt will rebound, it is still too early to say when this will happen.”

“Despite current uncertainties, signs of a more balanced market in 2016 may provide much desired stability to the oil market in the longer-term,” a joint statement released following the meeting said.