OPEC is Willing to Cooperate With Other Producers

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.”

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza