February 23, 2016 - 3:18 AM EST
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OPEC Shifts Blame For Global Supply Glut

(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


"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
have proposed to freeze output at January levels, but analysts say a significant reduction in output is needed to alleviate the global supply glut.


has called the Saudi-Russian output freeze plan "ridiculous," reports said Tuesday.

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Source: Equities.com News (February 23, 2016 - 3:18 AM EST)

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