OPEC Official Muses About $200 Oil, Says Supply Is The Issue

Watch out for $200 per barrel oil, warns Abdalla El-Badri, OPEC secretary-general.

The former Libyan oil minister, whose country’s oil production and rule of law have both broken down, says that oil could jump to $200 per barrel as low oil prices sweat out other producers and will likely create a supply issue. If you don’t invest in oil and gas, you will see more than US$200,” Abdalla El-Badri said in an interview in London on Monday.

Although he did not provide a timeframe, he did opine on the current state of oil pricing, saying it had hit a floor. “Now the prices are around $45-$50 and I think maybe they reached the bottom and will see some rebound very soon,” he...