This indication was giving on Monday by the Secretary-General, Abdulla al-Badri, when he was in London, the oil market doesn’t need to look for oil prices to bottom as the market has already bottomed. Instead, he offered quite bullish comments by saying, “Now the prices are around $45-$55, and I think maybe they [have] reached the bottom and we (will) see some rebound very soon.”
Abdulla al-Badri, however did not say OPEC would come in and rescue the oil market by reversing its previous decision to hold steady on production. Instead, he saw the signs that the oil market is self-correcting as oil companies