Thursday, February 12, 2009

OPEC Secretary General urges Russia to cut production on CNN's Marketplace Middle East

Abdalla Salem El-Badri, Secretary General OPEC told CNN’s John Defterios in an exclusive interview today, “For the non-OPEC I visit Russia, I talked to the president, I talked to the minister and I urged them that you know they should join us in a cutting production and I'm taking this opportunity to ask also Norway and Mexico to join us, because if the market collapse it's not of the benefit of anybody.”

Defterios asked whether the markets should be stabilised at around $50 a barrel to which he responded: "I think that $40 will not permit us to invest, to have a reasonable price where you can invest, where you can have another source of energy then from $70-$80 a barrel is fair, but $40 and even $50 will not permit us to invest. There will be no additional capacity when the market will, when the economy will pick up then you will not find additional, additional capacity."
The full interview will air on Marketplace Middle East on CNN International at the times below and excerpts will be aired on Quest Means Business tonight at 1900 GMT:
Friday: 0915, 1945 GMT
Saturday: 0645 GMT
Sunday: 0815 GMT

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