Oil price has found floor: OPEC president

LONDON (Reuters) – Oil prices have found a floor around current levels, OPEC President Chakib Khelil told Reuters on Friday.

He was asked if he expected the oil price to fall further: “Not really,” he said. “I don’t believe there is any reason for it to fall any further, I don’t see it going lower.”

Asked if he thought OPEC’s Wednesday cut of 2.2 million barrels per day was enough to restore the market to balance, Khelil told Reuters: “I think so — its 2.2, that’s plenty.”

Reuters