OPEC should wait before studying output cut

TEHRAN (AFP) – Acting
OPEC secretary general Mohammed Barkindo has said that the cartel will have to wait several weeks before examining a new production cut to support oil prices.

“The market is wrong about the OPEC commitment, we should wait at least for one month to assess the impact of the OPEC decision,” he told reporters on the sidelines of an oil and gas conference in Tehran.

“The main preoccupation of OPEC is to rebalance the market.”

OPEC decided on October 20 to slice production by 1.2 million barrels a day to halt a decline in prices but since then some oil ministers have suggested further cuts may be agreed at a meeting in December.

AFP