By Dmitry Zhdannikov
DAVOS, Switzerland Jan 21 OPEC
Secretary-General Abdullah al-Badri expressed confidence on
Wednesday that oil prices, currently near their lowest since
2009, will rebound, and defended the producer group's decision
not to cut output in November.
Oil prices have fallen almost 60 percent since June,
reaching a 2009 low close to $45 a barrel earlier this month,
partly because of OPEC's November decision not to cut output.
Badri said, if OPEC had reduced its supply, non-member
countries would have increased production, forcing OPEC to
implement further cuts and lose more market share to rival
"Everyone tells us to cut. But I want to ask you, do we
produce at higher cost or lower costs? Let's produce the lower
cost oil first and then produce the higher cost," Badri said,
addressing the World Economic Forum in Davos, Switzerland.
"Prices will rebound. I saw this 3-4 times in my life."
"We will go back to normal very soon," he said.
He said OPEC's policy was not directed at Russia, Iran or
the United States.
(Reporting by Dmitry Zhdannikov, Writing by Jack Stubbs and
Alex Lawler; Editing by Michael Urquhart)