The headquarterOPEC expects demand for the group’s oil to drop to 28.92 million bpd in 2015. Barbara Gindl/AFP PHOTO/Getty Images
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Oil prices won't rebound to $100 a barrel because increased prices would draw more shale and other output from higher-cost producers to the market, said Mohammad al-Madi, Saudi Arabia's governor to OPEC.Saudi Arabia, the nation leading OPEC in defending its share of the global oil market, will keep investing to maintain its current output capacity, he said.Demand will grow 1 million barrels a day every year for the next 15 years to about 111 million barrels a day, Nasser al-Dossary, Saudi Arabia's OPEC national representative, said at the same conference Sunday.Saudi Arabia holds a "big role" to keep unity within OPEC, which supplies about 40 percent of the world's oil, Madi added.In the past 55 years, OPEC and non-OPEC producers cooperated on production cuts 19 times.
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