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OPEC predicts difficult first half of 2011

OPEC's Secretary General expected prices to stay in that range for the rest of the year.


September 15, 2010 9:01 by

OPEC’s Secretary General said on Tuesday he was worried about the world economy, saying the rest of 2010 and first half of 2011 would be very difficult.

Abdullah al-Badri also told Reuters that the oil market seemed to be accepting oil prices of $75 to $85 a barrel and said he expected prices to stay in that range for the rest of the year. “The remainder of this year, the first half of next year will be difficult. We have to be very careful for any action taken by anybody,” he said.

“It will be a very interesting, a testing period. Either we will leave recession behind or recession will come back.”

“I think the world economy is in need of another stimulus package.”

(Reporting by Alex Lawler; Editing by William Hardy)


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