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OPEC questions factual accuracy of Wall Street Journal article

Xinhua, May 12, 2015 Adjust font size:

OPEC on Tuesday accused the Wall Street Journal of using inaccurate information when reporting on the oil cartel's market predictions in a draft document.

OPEC questioned the factual accuracy of a story published in the Wall Street Journal (WSJ) on Monday entitled "OPEC sees oil price below 100 U.S. dollars a barrel in the next decade," saying the story used "a number of vague and incorrect references to a draft report on OPEC's strategy."

The American newspaper story said OPEC's recent draft strategy report didn't see oil prices constantly trading at 100 U.S. dollars a barrel, predicting that oil prices would be about 76 U.S. dollars a barrel in 2025 in OPEC's most optimistic scenario.

The article said OPEC's assessment of the market reflected the cartel's worries that American competitors could cope with the low market environment.

However, OPEC dismissed the information in the story.

"The OPEC Secretariat would like to stress that these, and other statements made in the WSJ article, have no basis whatsoever," the cartel stressed.

The world oil price has significantly declined since last summer, caused partially by a surge in American supplies. Endit