Both OPEC and non-cartel countries are willing to cooperate in order to find a solution to plunging oil prices, OPEC secretary general Abdalla Salem El-Badri said Monday.
At the annual IHS CERAWeek conference in Houston, El-Badri also said the current oil cycle is facing a supply problem that could last for years unless a solution is found. Despite a more than 6 percent surge in spot prices on Monday, oversupply has dragged down crude by nearly 50 percent over the last year, and U.S. crude has dropped nearly 20 percent this year.
The OPEC official said that inventory overhang is a problem, and took a shot at the U.S. for continuing to both import and store so much oil.
"The United States want to export, but at the same time they import and store," he said. "This is something that I don't know how we're going to tackle it."