OPEC President: Healthy Demand Seen for Foreseeable Future

OPEC doesn’t need to consider an output cut when it meets late January, if oil prices continue to trade at current levels of around $60.00 a barrel, the group’s president told Dow Jones Newswires Wednesday. “Anything in the high $50’s or low $60’s isn’t a case for cutting output,” Edmund Daukoru told Dow Jones Newswires in a telephone interview.

“The second quarter traditional drop in demand hasn’t been as significant in recent years as it was in the past. I certainly don’t expect to see prices crashing,” the Organization of Petroleum Exporting Countries’ president said. He said a combination of a colder-than-normal winter in the northern hemisphere and robust Chinese demand is likely to keep oil prices well above $60.00 a barrel in the months ahead.

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