Don’t Panic Over Oil Price Drop, Situation Will Fix Itself – OPEC Head

Markets should not panic over the recent plunge of oil prices because the situation will resolve itself, OPEC Secretary-General Abdullah al-Badri said on Monday.

“Please do not panic, things will fix itself,” Badri said during a panel discussion at a major energy industry conference in Abu Dhabi.

United Arab Emirates energy minister Suhail bin Mohammed al-Mazroui, also on the panel, delivered a similar opinion: “We are not seeing the price issue as a major issue that we need to panic about.”

Badri indicated that both producers and consumers would be happy with oil prices in a broad range around $100 per barrel.

“In the last five to six years we don’t see any nagging by consumers or producers…$100, $110, $95, they are happy with these prices.”

He also said, “A high price is not preferable by OPEC, a low price is not preferable by OPEC” because high prices would mean less demand while low prices would reduce investment in oil supply.