OPEC says low oil price won't continue, may rise within a year

Oil prices have fallen by about two-thirds since mid-2014

Baku. 16 December. REPORT.AZ/ Global crude oil prices at seven-year lows will not continue and could swing upwards in as little as a year, Report informs, OPEC Secretary-General Abdullah al-Badri said on Tuesday, as the low-price cycle leads to cuts in output from some producers, according to Reuters.

Oil prices have fallen by about two-thirds since mid-2014, with Brent crude on Monday flirting with its lowest level since 2004 at just above $36 a barrel.

Most analysts, however, don't expect oil prices to regain the $100 mark until 2017 or later, arguing that producers will continue to pump out more crude than is being consumed.

"I've been in the oil business all my life. I saw six cycles - I saw very high price, I saw low price, and this is one of them. This will not continue," Badri said at the first OPEC-India Energy dialogue in New Delhi.

"In a few months or a year or so this will change," he said.

He said OPEC does not have a target price but was looking for a fair value that meant "member countries can have a decent income and also where we can invest to (provide) more supply to the consumers".

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