OPEC: Crude prices have fallen below fundamentals

The secretary-general of the Organization of the Petroleum Exporting Countries (OPEC) said on Sunday the price of oil had fallen further than market fundamentals would have dictated.

Speaking at an event in Dubai, Abdullah al-Badri added that the November meeting which ruled out a cut in production by members of the group was not aimed at anyone specific.

“The fundamentals should not lead to this dramatic reduction (in price). Some people say this decision was directed at the United States and shale oil. All of this is incorrect. Some also say it was directed at Iran. And Russia. This also is incorrect.”

Crude oil markets are at five-year lows.

Reuters