Abdalla El-Badri told the Financial Times that if oil prices did not rise from current levels before Opec's March 15 meeting, the cartel would “not hesitate to take further action” by cutting production among member states. Any such move would add to the cumulative cuts of 4.2m barrels per day that Opec has instituted in two rounds since September.
Mr El-Badri and Mohamed al Hamli, minister of energy for the UAE, said in speeches to an energy conference in London yesterday that a “reasonable” oil price was between $60 and $80 per barrel.
“We must recognise that if the price environment does not change now, we will face much worse problems in the future,” Mr El-Badri said, sharpening warnings he has made over the past month.
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