Opec chief favours further oil supply cut

Opec president Edmund Daukoru said on Friday he would back a further oil output cut to remove oversupply from world markets when the group meets next week and that price levels of around $63 a barrel were too low.

Opec meets on Thursday in Nigeria to decide whether to cut beyond a 1.2 million barrels per day reduction from November 1. Adding to the group’s concerns, supplies from rival independent producers are expected to surge next year and the economy in top consumer the United States looks fragile. “I favour a cut,” Daukoru told reporters in Abuja.
Financial Express