OPEC hopes for oil price cut

RIYADH: The Organization of Petroleum Exporting Countries (OPEC) hopes that oil prices will fall despite coming close to the symbolic mark of $100 per barrel mainly due to high winter demand.

OPEC Research Director Hasan Qabazard told China Daily on Friday that the demand-supply fundamentals of oil remain unchanged and oil prices should drop.

"Our spare production capacity is still strong, and supply has been basically met," said Qabazard prior to the third OPEC summit in its 47-year history. "But the price drop is only my hope, instead of the forecast."