OPEC Official: There's Plenty Of Supply, And Oil Prices Are Just Fine


The director of OPEC’s research division considers current oil prices perfectly fine.

Arabian Business (Reuters): “There is plenty of supply in the market so I don’t see why OPEC should increase production at this stage,” Hasan M. Qabazard, director of OPEC’s research division, told Reuters in an interview on the sidelines of an oil conference.

OPEC on Saturday said officially that it won’t raise production, sticking to the 4.2 million barrels per day curb agreed to last year.

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