OPEC Secreteary General Sees 'Huge Oil Excess' In 2009, 10/22/08

OPEC Secretary General Abdalla Salem el-Badri

OPEC Secretary General Abdalla Salem el-Badri predicted that if oil markets were not brought into balance, there would be a huge oil surplus in 2009. And while OPEC is doing its best to stabilize the market, it can not do it alone. OPEC's President Chakib Khelil has asked that other non-OPEC countries reduce their output in order to help stabilize oil prices. He called on Russia, Norway and Mexico to aid in reducing production outputs. All of this come amid sharp criticism from Great Britain's Prime Minister Gordon Brown who claims that taking measures to raise oil prices would be devastating in the midst of the world financial crisis. Badri replied by stating, "We cannot bail out the financial crisis created by Mr. Brown and others in the United States... If Mr. Brown is truly concerned for his citizens, he should look into the taxes he imposes... I have no doubt everybody will be affected by this financial crisis." During his announcement, Secretary General el-Badri was in Moscow discussing a possible proposal for cooperation between OPEC and Russia.

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