The sharp decline in global oil prices is "a little bit too much," although the fundamentals of the market remain solid, OPEC Secretary-General Abdalla El-Badri said Thursday.
El-Badri told the press here that the steep fall came after years of stable global oil prices.
"We do not see that much of change in the fundamentals. The decline is 28 percent -- it's a little bit too much," he said.
Global oil prices have been declining for over four months, raising concerns amid oil producers. The crude oil produced by OPEC members supplies around a third of global demand.
OPEC said its share in the global fossil energy market would decline in the medium-term.
The group's 2014 World Oil Outlook shows OPEC's oil output will fall by 1.8 million barrels per day (bpd) to 28.2 million bpd by the end of 2017, compared to 30.2 million bpd in 2013.
Global oil supply is expected to grow by 4.3 million bpd by the end of 2017 to 94.3 million bpd.