LONDON (Reuters) - Oil prices will not fall to $20 or $25 a barrel, OPEC Secretary-General Abdullah al-Badri said in an interview with Bloomberg.
“The price will not go to $20 or $25, I think the price will stay at where we are now,” Badri said, Bloomberg reported.
Producers outside the Organization of Petroleum Exporting Countries (OPEC) should be first to reduce their output to remove a global surplus, Badri said, rather than OPEC.
OPEC decided against cutting its own output at a meeting in November, a move that helped to extend a slide in oil prices.
Oil on Wednesday was trading below $50 a barrel, down almost 60 percent since June.
London energy desk; Editing by Mark Potter