OPEC Secretary General Abdalla el-Badri said Tuesday he was concerned about the impact of low oil prices on investment and the consequences for future supply, but insisted that rebalancing world oil markets was the responsibility of all producers and not a burden to be borne by OPEC alone.
Badri also predicted that oil prices would rise from current six-year lows of below $50/b in the next few months, although he did not say how much improvement he expected.
"We have an overhang of 200 million [barrels] in the market. All of us should work together, OPEC and non-OPEC...all of us have to work together to see how we can get rid of this 200 million barrel overhang," he told the annual Oil & Money conference in London.
"I'm really disturbed," he said, referring to the wave of investment cuts announced by oil companies this year in response to the price plunge. "You will see the result. This means less supply and higher prices in the future."
