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Cyprus News Agency: News in English, 08-01-16

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From: The Cyprus News Agency at <>




    The Secretary General of the Organisation of the Petroleum Exporting Countries Abdalla Salem El-Badri has not ruled out an increase in the production of oil, if the market justifies this.

    Replying to questions after a meeting here with President Tassos Papadopoulos, he said, There is no low inventory. The inventory, the stock in OECD countries are within the five-year average, is not low as you said.

    On possible plans to increase oil production, the SG of OPEC said reports would be prepared ahead of Februarys OPEC meeting and added: of course we will examine the supply and demand and the stocks, we will take into account the world growth and we will prepare our report and give it to the ministers. I am sure that the ministers, in the conference, will not be hesitant to increase the production, if fundamentals justify that.

    Commenting on calls by the US President to increase oil production in Saudi Arabia, he said when the market justifies an increase in production, every country will contribute to that increase but he also recalled that since 2002 OPEC has increased production by about 5 mln barrels a day because OPEC believed that the market justified that increase.

    OPEC, as I said, will not be hesitant to increase production, if the market justifies that increase, he pointed out.

    Asked if the current oil price is justified by fundamentals, he said there was a disconnect between oil prices of today, disconnect between prices and fundamentals.

    The market is really influenced by other factors. I have said that many times and I will say it one more time: this is because the US dollar value, the sub-prime mortgage problems, the geopolitical situation and above all speculators.

    On his meeting with President Papadopoulos, he said, I found him very knowledgeable about the oil activities in the world. So we talked about the oil situation in the world, we talked about supply and demand, stocks and future prospects. It was very fruitful meeting, he said.

    Asked if the President sought his advice regarding oil exploration by Cyprus, El Bandri said the President had not asked for any advice on oil activities.

    I am informed about any country that wants to have new activities but we did not speak about Cyprus activities in particular, he added.

    This is the first time OPEC Secretary General is visiting Cyprus. He is here at the invitation of the Nicosia Chamber of Commerce and Industry and tonight he will address a dinner, hosted in his honour.

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