OPEC Sec Gen El-Badri: think oil price will stay around current level; do not see it dropping to $20 or $25; reiterates the price will rebound - TV interview
- Reiterates non-OPEC producers have higher production costs than us. When non-OPEC producers start losing money they will cut their production.
- No pressure to hold an extraordinary OPEC meeting
- Demand is slow because the global economy is weak.