Oil prices will rebound: ex-OPEC head Lukman

Published September 26th, 2001 - 03:00 GMT

Former OPEC secretary general Rilwanu Lukman expressed confidence Tuesday, September 25, that crude oil prices would rebound, after a sharp slump in the wake of the September 11 terror attacks in the United States.

"Prices will go up again," he told reporters on the eve of a meeting Wednesday of the Organization of Petroleum Exporting Countries (OPEC) clouded by the economic fallout of the attacks.

Crude prices slumped by nearly four dollars Monday amid growing fears of a slump in demand for oil, as already-slowing industrial economies slow further following the terror attacks.

Lukman, who preceded current OPEC Secretary General Ali Rodriguez, is now head of Nigeria's delegation to the 11-member oil-producing cartel. ― (AFP, Vienna)