WASHINGTON
(dpa-AFX) -
OPEC secretary general
Abdalla Salem El-Badri is blaming US and Canadian oil companies for the global supply glut that has dragged crude oil prices to their lowest in 13 years.
"You can't invest in new production and then expect OPEC to cut production," he said at the annual CERA conference in
Houston
.
"I don't know how we are going to live together," El-Badri said of OPEC's relationship with non-OPEC producers.
OPEC member
Saudi Arabia
and
Russia
have proposed to freeze output at January levels, but analysts say a significant reduction in output is needed to alleviate the global supply glut.
However,
Iran
has called the Saudi-Russian output freeze plan "ridiculous," reports said Tuesday.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer
Source: Equities.com News
(February 23, 2016 - 3:18 AM EST)
News by QuoteMedia
www.quotemedia.com
