OPEC says low oil prices will continue four more years

‘The Organization of the Petroleum Exporting Countries (OPEC) says recovery of global oil prices to above $70 per barrel will not take place for another four years.

According to a report released by OPEC on Wednesday, the organization, which produces a third of the world’s crude, said it foresees a “gradual improvement in market conditions as growing demand and slower than previously expected non-OPEC supply growth eliminate the existing oversupply and lead to a more balanced market.”

The announcement came at a time that the global benchmark oil price touched an 11-year low of $36.04 on Monday, AFP reported.’

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