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
