Gulf countries advised oil investment

Oil Field

Gulf countries advised oil investment

Abdullah al-Badri said the investment would prevent a shortage of production when demand rises.

Organization Secretary General of the Organization of Petroleum Exporting Countries (OPEC) called on the Gulf states to invest in the field of investment and production.

Abdullah al-Badri called it the Arab Strategy Forum in Dubai on Sunday (14/12).

Investment appeal submitted though crude oil prices plummeted.

Abdullah al-Badri reasoned investment necessary for the Gulf states would be able to help reduce the shortage of supply if demand increased again.

He said the recent decline in crude oil prices much higher than market expectations.

'' We as an organization assess the situation to determine the true reason behind the drop in oil prices, "he said.

Al-Badri spoke publicly for the first time since OPEC decided to keep the amount of production.

Brent crude oil prices, which used to be the world's reference price, traded at a rate of US $ 62 per barrel.

A few weeks ago the oil price was US $ 72 per barrel, but prices continue to decline. OPEC decision also triggers the production costs down. (BBC)