OPEC unlikely to cut oil output: sources

LONDON/DUBAI (Reuters) – OPEC is unlikely to cut oil output at a meeting in March due to rising prices and uncertainty about supply from Venezuela and Nigeria, OPEC sources said on Tuesday.

The Organization of the Petroleum Exporting Countries meets on March 5 and some members including Iran have urged the group to lower output, even though oil is trading near a record high.


“Prices are high and this is not the time to talk about a cut,” said an OPEC delegate from one of the group’s larger producers, who declined to be identified by name.

“It is too early at this time to make a definitive statement, but the logic would be no change,” said a second source familiar with OPEC policy.

Reuters