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OPEC’s Badri expects some oil price rebound soon

Oil prices at current levels may have reached a floor and could move higher very soon, OPEC Secretary-General Abdullah al-Badri said on Monday. “Now the prices are around $45-$55 and I think maybe they reached the bottom and will see some rebound very soon,” Badri said in an interview. Badri warned that any OPEC oil supply cut would lead to spare capacity, a lack of investment and an eventual shortage and price spike. “If they do not invest there will be no more supply, if there is no more supply there will be a shortage in the market after 3-4 years and the price will go up and we’ll see a repetition of 2008.” “Maybe we will go to $200 if there is a real shortage of supply because of the lack of investment,” Badri said.

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