El-Badri: rise of oil prices to reduce investment in industry

The rise of oil prices may cause only a reduction in investments by about $130 billion, OPEC Secretary General, Abdallah Salem el-Badri, said.

Also, he says that non-OPEC producers "have to reduce the supply of oil." OPEC won’t accept less than 40% of global output, the head of the organization noted.

"We need a price where producers can invest and consumers have supply. The states should work together," Bloomberg cited him as saying.

El-Badri believes that even a reduction of production by 1.5 million barrels a day wouldn’t be enough to balance the market. "We should really stabilize this market," TASS cited him as saying.