27/01/2015
OPEC Secretary :oil prices will see some recovery very soon
Abdullahal-Badri,SecretaryGeneral of the Organizationof Petroleum Exporting Countries"OPEC", saidyesterday thatthe currentoil pricesmayhave reachedtheir lowest levelshave beenrecoveringverysoon.
TheReuters news agency quotedBadrisaid in an interview, "oil pricescurrentlyrangebetween 45 and55 dollarsa barrel,andI think theymay have foundthe lowest levelandwe will seesomerecoveryverysoon."
Askedaboutthe prospects ofthe Saudioilpolicy in theera of the Custodianof the Two HolyMosques KingSalman binAbdulazizsaid"Saudi Arabiahasa stable stateanda stable governmentandI think thatthings will goonnature."
Accordingto the agencygavethe existence ofAlial-Naimi, Minister of Petroleuminhismessagedesigned tocalm thefears ofthe oil marketin the wake ofthe death of KingAbdullah,may Allah have mercy on him.
For his part,SultanAl Mansouri,UAE Minister ofEconomysaid yesterday thatit is expectedthat oil prices willbegin torecoverby mid-yearwith the improvement ofthe situation ofthe majoreconomies.
He saidal-Mansouritold reporterson the sidelines ofa financialconferencethat he expectedby mid-yearshiftintheoil pricesanda positiveshift inthe economies ofEurope and the UnitedStates and China.
TheReuters news agencysaidMansouridid not disclosewhichoccurat a time whenthe price ofBrent crudestoodatabout $48a barrelon the reasons forits forecastof oilrecovery.Other economists'officials have expressedcautious optimismthe oilupinthissame time frame.
Askedwhether it wasconsistent witha previous forecastforEmiratiofficialsto achievea growth rate of4.5per cent in2014Mansouri said, "we reviewon a quarterly basis."ByMarchthe reviewmustbe conductedinthe light ofoil prices.
He added that hewillalso followwhat happens in thenon-oil sectorandifgrowthbalances thedecline in oil priceswill be possible tosay that thegrowthwill remainat 4.5per cent, andif you dohappenwould have to bea review ofthe estimate.
