IEA’s Mandil: OPEC should wait to decide new cuts

HOUSTON (Reuters) – OPEC should not cut oil production further when the group meets on Dec. 14 but should wait until winter demand data becomes available at the end of January, the head of the International Energy Agency said on Tuesday.

The OPEC meeting comes as the United States, the world’s top energy consumer, prepares to enter the peak winter demand season.

“I think the timing of the cut would be unfortunate,” the IEA’s executive director, Claude Mandil, said on Tuesday.

“I wouldn’t say the same at the end of January. Then we will see better what winter demand is,” Mandil told reporters at a news conference on the sidelines of a Houston energy conference.

Reuters