Both OPEC and non-OPEC countries are willing to cooperate in order to find a solution to plunging oil prices, Abdalla Salem El-Badri said Monday at the annual IHS CERAWeek conference in Houston.
OPEC’s secretary general also said this oil cycle is facing a supply problem that could last for years unless a solution is found. He also said that inventory overhang is a problem, adding he does not know why the U.S. continues to import and store so much oil.
“The United States want to export, but at the same time they import and store,” he said. “This is something that I don’t know how we’re going to tackle it.”
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.