Oil will rebound by the second half of next year as supply and demand don’t justify the recent collapse and prices are now low enough to threaten investment in production, OPEC’s Secretary-General said. While a report today from the Organization of Petroleum Exporting Countries cut forecasts for crude it will need to provide for most of the next two decades because of the shale-energy boom in the U.S., Secretary-General Abdalla El-Badri said the group isn’t “panicking” amid this year’s plunge. “We’re concerned but not panicking,” El-Badri said at a press conference in Vienna today. “The price will rebound by the second half of next year. This situation of low prices cannot continue because if it continues, most of the investments will be stopped.” Brent futures have tumbled 28 percent since mid-June, a move El-Badri said was excessive given that supply and demand levels are “reasonable.” Ali al-Naimi , oil […]