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Jun 13 2012

UPDATE: OPEC Secretary General: Some Oversupply, Not Worried On Prices

Wednesday, Jun 13, 2012

(Adds quotes from el-Badri.)

By Benoit Faucon

VIENNA--OPEC's chief said Wednesday there is some oversupply on the market but he isn't worried about oil prices.

Speaking to reporters, Abdalla Salem el-Badri, secretary general of the Organization of Petroleum Exporting Countries, said: "There is some oversupply on the market."

But in reference to recent oil-price volatility, he said: "The market, we are not worried about it. Up and down, up and down."

Mr. el-Badri said he was confident the group will reach a consensus when it meets Thursday, despite an apparent rift.

"We have our problems here and there but at the end, we'll survive," he said. "Yes, we can reach a consensus."

Write to Benoit Faucon at benoit.faucon@dowjones.com

(END) Dow Jones Newswires

13-06-12 1037GMT


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