OPEC says oil price will not rebound until mid-2009

Business Materials 29 November 2008 21:37 (UTC +04:00)

OPEC predicted on Saturday that world oil prices would not rebound until mid-2009, after the cartel left its output unchanged at a consultative meeting in Cairo, AFP reported.

"The prices will not begin to rise before the second half of 2009," said OPEC Secretary General Abdalla Salem El-Badri.

Oil prices have slumped by two-thirds since striking record highs above 147 dollars per barrel in July, as the market has been rattled by a looming global recession and weak demand.

El-Badri added that OPEC ministers have reached a "consensus" about cutting output at the next production meeting in Oran, Algeria, on December 17.

"There's a general consensus for an action," in Algeria, he added.