RIYADH, Nov 19: Opec oil exporters will not consider cutting production at next month’s meeting unless prices fall rapidly, the organisation’s chief said on Saturday.
I don’t think there is an idea to cut production in our December meeting unless prices will be in a very bad situation, Opec President Sheikh Ahmad al-Fahd al-Sabah told reporters.
The next meeting of Opec oil ministers is in Kuwait in December. He said prices were now “more comfortable” after easing from record levels in August, though Opec will probably keep its offer of 2m barrels per day of spare capacity on the table. US oil prices hit a record of just over $70 a barrel in late August but have since slipped to around $56 a barrel. —Reuters
