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OPEC's El-Badri Calls on Global Oil Producers to Help Curb Glut

  • Inventories must fall to boost prices, spending, El-Badri says
  • Brent crude has fallen about 16 percent this year amid surplus
El-Badri, a Libyan native, was given another extension at the last OPEC meeting to remain as secretary-general until July.

El-Badri, a Libyan native, was given another extension at the last OPEC meeting to remain as secretary-general until July.

Photographer: Lisi Niesner/Bloomberg
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The head of the Organization of Petroleum Exporting Countries called on oil producers outside the group to assist in reducing the global oversupply, signaling once again that OPEC won’t make output cuts alone.

“It is vital the market addresses the issue of the stock overhang,” Secretary-General Abdalla El-Badri said Monday at a conference in London. “It should be viewed as something OPEC and non-OPEC tackle together.”