The secretary general of the Organization of Petroleum Exporting Countries told CNBC on Wednesday that oil prices were likely to remain around their current levels for around a month before rebounding.
Speaking at the World Economic Forum in Davos, Switzerland, Abdullah al-Badri, said it was hard to predict oil price movements given the ongoing fluctuations. “It will stay for another month at this low price, but I’m sure the price will rebound,” he told CNBC.
Brent crude oil prices have dropped almost 50 percent since last year in the biggest annual fall since 2008, amid weakening demand and a refusal by OPEC to cut production in November.
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