OPEC chief estimates oil oversupply at one million bpd

ABU DHABI (AFP) –
OPEC president and Nigerian Oil Minister Edmund Daukoru said there was an oversupply of oil of some one million barrels daily on world markets, the official Emirati WAM news agency reported.

Daukoru, speaking on the sidelines of a gas conference in Abu Dhabi, “estimated the current oversupply on the oil market at about one million barrels (per day),” it said.

The OPEC chief was also quoted as saying that the cartel’s ministers would study all aspects of the market situation when they meet in Abuja on December 14 and “take the appropriate decision.”

In Kuwait, Oil Minister Sheikh Ali al-Jarrah al-Sabah said Monday the emirate was not opposed to a cut.

AFP