NEW YORK (TheStreet) -- Shares of oil and natural gas company EXCO Resources (XCO) fell 5.18% to $3.11 in afternoon trading Monday after OPEC Secretary-General Abdullah al-Badri said stock markets should not panic over the recent decline in oil prices because the situation will "fix itself."
Badri made the comments during a panel discussion at a major energy industry conference in Abu Dhabi, according to Reuters. United Arab Emirates energy minister Suhail bin Mohammed al-Mazroui was also on the panel and echoed Badri's remarks. "We are not seeing the price issue as a major issue that we need to panic about," he said.
Badri also noted both producers and consumers would be satisfied with oil prices in a wide range at approximately $100 per barrel.
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"In the last five to six years we don't see any nagging by consumers or producers...$100, $110, $95, they are happy with these prices," Badri said.
"A high price is not preferable by OPEC, a low price is not preferable by OPEC," he added, because high prices would lead to less demand while low prices would decrease investment in oil supply.
Separately, TheStreet Ratings team rates EXCO RESOURCES INC as a "sell" with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate EXCO RESOURCES INC (XCO) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk and generally disappointing historical performance in the stock itself."