OPEC chief says oil prices are too low

OPEC chief says oil prices are too low
Secretary general al-Badri says non-member nation, including Russia, should cut production to boost prices.

ALGIERS, Algeria (Reuters) -- An oil price of $50 per barrel is too low for OPEC producers to invest in production and non-member countries, including Russia, should cut output to help boost prices, OPEC's secretary general said Sunday.
Asked at a news conference during a visit to Algeria about the prospect of further output cuts at OPEC's next meeting on May 28, Abdalla Salem al-Badri said: "It depends on the economic situation, but if we face any problem OPEC will not hesitate to take any further decision to stabilize the market."
He said there were still 722,000 barrels of oil on the market which needed to be removed if the Organization of Petroleum Exporting Countries (OPEC) -- whose members pump more than a third of the world's oil -- is to reach full compliance with output cuts agreed at a previous meeting.

http://money.cnn.com/2009/04/26/news/international/opec.reut/index.htm?postversion=2009042612