OPEC may cut oil output by one million bpd: Chief<\/p>\n
Agence France-Presse, Kuala Lumpur<\/p>\n
The Organization of the Petroleum Exporting Countries (OPEC)
\nmay cut oil production by a million barrels per day (bpd) to
\nboost prices, its secretary general said Monday.<\/p>\n
OPEC ministers meeting Nov. 14 in Vienna would decide whether
\nto slash output by a million bpd or more if prices plunged
\nfurther, Ali Rodriguez told a press conference on the sidelines
\nof an Association of Southeast Asian Nations oil conference here.<\/p>\n
He said the outcome hinged on the cooperation of non-OPEC
\nmembers in cutting output in a bid to boost prices that have
\nslumped to two-year lows since the Sept. 11 terror attacks on the
\nUnited States.<\/p>\n
\"We will make some decision in the next conference in Vienna.
\nThe first is to ensure full compliance of our commitment (to
\nmarket stabilization), the second probably is to reduce
\nproduction again by one million barrels a day,\" he said.<\/p>\n
\"But it is very important, extremely important (to have) the
\ncooperation of non-OPEC producers... we need to reduce production
\nagain in order to balance the supply with the demand.\"<\/p>\n
Under the present OPEC agreement, member nations are producing
\nabout 23 million bpd, he said.<\/p>\n
Rodriguez described the current oversupply situation in the
\nglobal oil market as \"transitory\" and said he believed the
\noutlook would improve next year.<\/p>\n
\"We have no concerns about the medium-term or long-term but we
\nhave to fight the problem in the short-term,\" he said.<\/p>\n
Asked how far oil prices are expected to fall, Rodriguez said:
\n\"That's impossible to say... I am not a prophet but I believe
\nthat this is directly related to the performance by the economy.<\/p>\n
\"I am sure that next year's situation will be a little bit
\nbetter although the demand will be almost the same as this year.\"<\/p>\n
OPEC has sought the support of non-OPEC producers to cut
\noutput to prevent a collapse in crude prices. The 11-member oil
\ncartel has warned of a disaster if non-OPEC producers do not
\ncoordinate action.<\/p>\n
But major non-OPEC producers Russia, Norway and Mexico have
\nappeared reluctant to commit themselves to specific action.<\/p>",
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