November 10, 2014 / 9:46 AM / 5 years ago

Don't panic, situation will fix itself: OPEC secretary-general

Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Abdullah al-Badri addresses the media during the presentation of OPEC's World Oil Outlook in Vienna November 6, 2014. REUTERS/Heinz-Peter Bader

ABU DHABI (Reuters) - Markets should not panic over the recent plunge of oil prices because the situation will resolve itself, OPEC Secretary-General Abdullah al-Badri said on Monday.

“Please do not panic, things will fix itself,” Badri said during a panel discussion at a major energy industry conference in Abu Dhabi.

United Arab Emirates energy minister Suhail bin Mohammed al-Mazroui, also on the panel, delivered a similar opinion: “We are not seeing the price issue as a major issue that we need to panic about.”

Badri indicated that both producers and consumers would be happy with oil prices in a broad range around $100 per barrel.

“In the last five to six years we don’t see any nagging by consumers or producers...$100, $110, $95, they are happy with these prices.”

He also said, “A high price is not preferable by OPEC, a low price is not preferable by OPEC” because high prices would mean less demand while low prices would reduce investment in oil supply.

Reporting by Martin Dokoupil, Rania El Gamal, Stanley Carvalho and Maha El Dahan; Writing by Andrew Torchia

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