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The president of the Organization of Petroleum Exporting Countries says despite the cartel's decision last week to reduce output by 1.5 million barrels a day, oil prices will continue to fall for the time being.
OPEC President Chakib Khelil predicts crude prices will weaken further in the coming weeks due to the worsening global financial crisis and low demand.
Prices are hovering just above the US$60-mark and have dropped sharply since the record high of $147 dollars in July.
However, the OPEC chief says oil prices will regain ground in the next two to three years because of a lack of investment in oil exploration.
Arirang News
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