Oil prices tumbled to their lowest level in nearly five years and the price of U.S. light crude to less than 34 dollars a barrel, while Chairman of the Organization of Petroleum Exporting Countries (OPEC) Chakib Khelil said that the stability of oil prices are to rise again.

Oil prices fell in New York to 33.87 dollars after it reached earlier Friday to 33.44 dollars. Brent crude in London rose 79 cents to 44.15 dollars, note that the London market closed before the New York Mercantile several hours.

 
It is noteworthy that oil prices fell more than 110 $ level recorded since the record high of 147.27 dollars last July.

 
The Secretary General of OPEC, Abdullah al-Badri a,said that the price is reasonable for oil producers and consumers between 70 and 90 dollars per barrel.

Khelil predicted that oil prices will stabilize during the current month, but will rise starting next month, driven by the impact of reduced production of the organization.

 
He added after he took part in the conference of producers and consumers of energy in London Friday, that OPEC members will participate in the Arab economic summit to be held on January 19 next in Kuwait was be a forum of the Organization to discuss the oil market situation and discuss the development of the global economy and energy.

 
Khalil – a former minister of Energy and Mines of Algeria as well –expressed the concern of oil producers on the level of speculation on world oil markets, a reference price falls sharply in 2008 to the speculation.

 
OPEC President said earlier that the Organization will continue to reduce their oil production to stabilize crude prices.

 
The organization had decided at the meeting of members of the Algerian city of Oran, the day before yesterday to reduce production by 2.2 million barrels to support prices, but this reduction is the largest of its kind did not contribute to halting the deterioration of prices.

 
He attributed the Executive Director of the International Energy Agency Nobuo Tanaka, not high oil prices to the market volume expected OPEC production cut in advance, and felt that the development of the global economy is getting worse and the current price “gives the world economy a breathing space.”