In a televised interview on Monday the OPEC President Ali Rodriguez, said that world oil prices will moderate next year. "I certainly can say that next year we will have prices that are more modest," Ali Rodriguez said.
Opec have to very careful next year, current oversupply and modest demand next year will lead to a rise in inventories which may will cool down oil prices as soon as first half of next year, he argued.
The OPEC four increases this year with a total of 3.7 million barrels a day (b/d) this year, oil prices did not cool down the prices that stood around $30- $35 a barrel.
At its last extraordinary ministers meeting earlier this month in Vienna, OPEC agreed to keep current output quota in place.
Saudi Arabian Oil Minister Ali Naimi Said Saturday that OPEC will keep its current production level until Jan. 17 when the group is set to hold a meeting in Vienna.
By Elio Ohep
