OPEC's President Said Oil Prices Reached The Minimum

He was asked if he expected the oil price to fall further: "Not really," he said. "I don't believe there is any reason for it to fall any further, I don't see it going lower."

Asked if he thought OPEC's Wednesday cut of 2.2 million barrels per day was enough to restore the market to balance, Khelil told Reuters: "I think so -- its 2.2, that's plenty.

"It will have an effect as soon as the market will see the member countries will be applying all the cuts from January 1.

"I think things will improve as we go from here."

Author: Ksenia Kochneva