Bodman Says He Doesn’t Expect OPEC to Cut Oil Output on Feb. 1

(Bloomberg) — U.S. Energy Secretary Samuel Bodman said he didn’t expect OPEC to cut oil production when the group meets on Feb 1. because it would hurt economic growth.

“I don’t expect OPEC will cut output,” Bodman told reporters in Cairo today during a tour of the Middle East. “It will not have a salutary effect on world economic production.”


The Organization of Petroleum Exporting Countries will decide whether to raise oil output targets to help reverse signs of a U.S. economic slowdown that has been partly attributed to high oil prices. The U.S. Federal Reserve cut interest rates in an emergency move yesterday aimed at averting recession. Their action follows a $150 billion growth package proposed by President George W. Bush on Jan. 18.

“The goal of those would be to stimulate the economy,” Bodman said. “If that happens, there would be a moderate increase in the price of energy.”