OPEC's general secretary sounds a little worried in comments coming via Reuters
- It's crucial that OPEC and non-OPEC producers hold talks to solve the oil stock overhang
- Market situation is jeopardising investment in new supplies
- Not all investment is viable at current prices
OPEC's el-Badri is trying to sound like a victim
More comments coming from Bloomers
- Oversupply is mainly being caused by Non-OPEC
- Oil market is undergoing a significant adjustment
- All producers must sit down to solve glut
- Low prices are a result of excessive investment
- OPEC already sees signs that the oil market will stabilise in 2016
For now crude the party in oil prices appears to be over as we trade at 31.30 from overnight highs of 32.78 in Brent
It all sounds like hot air to me. They've been banging on about sitting down together yet no meetings are forthcoming. Is it that hard to pick up the phone?
