Oil prices, which have declined more than 10 percent from a record, are ``controlled by speculators,'' Organization of Petroleum Exporting Countries Secretary General Abdalla el-Badri said.
Current prices are ``suitable,'' el-Badri said in an interview today in Bali, Indonesia, where he is attending a United Nations climate change conference. The Organization of Petroleum Exporting Countries supplies more than 40 percent of the world's oil.
Organization of Petroleum Exporting Countries will assess the market in February before deciding on output policy, he said.
The benchmark New York crude oil contract fell 42 cents, or 0.5 percent, to $87.86 yesterday and traded as low as $87.09 today. Prices reached a record $99.29 reached on Nov. 21.
Via: Bloomberg |by Ying Lou and Leony Aurora
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