The Organization of the Petroleum Exporting Countries (OPEC) is unruffled by a decline in oil prices to $100 a barrel, Arab News reported citing delegates from the producer group. The current levels are seen as ‘acceptable’ for producers, while higher seasonal demand in the coming weeks was expected to support the market.
“We see the dip as a correction. Action will only be taken based on fundamentals and for the time being the price is still fair for producers, said” a delegate from the group.
The brent crude fell to a 14-month low of $101.11 a barrel on Monday as investor concerns over conflict in Ukraine and Iraq eased and Libyan output rose. The drop brought prices below the level some in OPEC need for their budget needs.
“We see the dip as a correction. Action will only be taken based on fundamentals and for the time being the price is still fair for producers, said” a delegate from the group.
The brent crude fell to a 14-month low of $101.11 a barrel on Monday as investor concerns over conflict in Ukraine and Iraq eased and Libyan output rose. The drop brought prices below the level some in OPEC need for their budget needs.
Source:
Mubasher
