• but says the recent fall in price has gone beyond fundamentals
  • urges Gulf states to continue investing in exploration and production
  • says the US will continue to rely on Middle East crude for many years to come

OPEC secretary general, the Libyan Abdullah al-Badri, speaking this morning at an event in Dubai and said OPEC sought a price level that was suitable and satisfactory both for consumers and producers, but did not specify a figure.

The fundamentals should not lead to this dramatic reduction (in price)

The comments were Badri’s first since OPEC left its output levels unchanged at a meeting last month, when it also said it had no target price.

Asked if there was a need for an emergency OPEC meeting before June, Badri smiled and said:

I don’t know

The OPEC chief said November’s decision to leave output unchanged was not aimed at any other oil producer, rebutting suggestions it was intended to either undermine the economics of U.S. shale oil production or weaken rival powers closer to home.

Some people say this decision was directed at the United States and shale oil. All of this is incorrect. Some also say it was directed at Iran. And Russia. This also is incorrect

Reuters carries more here

Oil price falls and concerns have been acclerated in the past week by lower demand growth forecasts from both OPEC and the IEA which we reported here and here

OPEC sec gen Al-Badri says oil price falls now gone beyond fundamentals

OPEC sec gen Al-Badri says oil price falls now gone beyond fundamentals