OPEC chief says output likely to stay unchanged despite price fall
OPEC's oil output is likely to remain around the same level next year as it has this, while the group is unlikely to cut the ceiling on its production at a meeting next month despite the recent sharp slide in global oil prices, its secretary-general said Wednesday, AFP reported.
"I don't think 2015 will be far away from 2014 in terms of production," Abdalla Salem el-Badri told reporters on the sidelines of an industry conference in London.
Mr. al-Badri's comments will temper expectations that the Organization of the Petroleum Exporting Countries could seek to cut its oil output in response to oil price weakness at its next meeting in Vienna, Nov. 27.
Brent crude has slipped from around $115 per barrel in June to just over $87 per barrel on Wednesday.
Mr. el-Badri said the 'call', or likely demand for OPEC oil next year would likely be between 29.5 million and 30 million barrels of oil a day next year, roughly the same as this year.
OPEC's chief also said the current drop in oil prices didn't reflect market fundamentals, but that he wasn't unduly concerned.
"Don't panic. I am sure the market will balance itself," he said.
Mr. el-Badri said oil price weakness would likely hit output of shale oil hard, suggesting OPEC expects oil's weakness to eventually temper supply growth.