OPEC not considering production cut: Chief<\/p>\n
Deutsche Presse-Agentur, Kuwait City<\/p>\n
The president of the Organization of Petroleum Exporting
\nCountries (OPEC) Sheikh Ahmed Fahed al-Sabah said on Sunday that
\nthe 11-member cartel was not considering a production cut ahead
\nof its next meeting in December.<\/p>\n
He also said it was still too early to decide on whether the
\ncartel would extend an offer to supply an additional two million
\nbarrels per day (bpd), which it made during its last meeting in
\nSeptember.<\/p>\n
\"It's very early to discuss the two-million (bpd) we are
\noffering. We will wait until the next meeting to decide. But I
\nthink there is no need to decrease the production now,\" Sheikh
\nAhmed Fahed told reporters at Kuwait's International Airport
\nfollowing the arrival of United Arab Emirates Energy Minister
\nMohammed al-Hamli.<\/p>\n
OPEC ministers are due to meet in Kuwait on Dec. 12 to decide
\npolicy for the winter months when demand typically increases.<\/p>\n
Al-Hamli arrived in Kuwait on Sunday ahead of the Third GCC-EU
\nAdvanced Oil and Technology Conference due to open in Kuwait on
\nMonday.<\/p>\n
OPEC's official production ceiling is 28 million bpd and as
\nper the decision taken in September would pump an additional two
\nmillion bpd if the market required it.<\/p>\n
OPEC offered the extra crude after prices hit a record high of
\nmore than US$70 per barrel in August. They have since dropped to
\nbetween $55 and $58 per barrel.<\/p>\n
Sheikh Ahmed Fahed called the current price of oil
\n\"reasonable\" and said that OPEC would strive through its policy
\ndecisions to keep prices at reasonable levels for both producers
\nand consumers.<\/p>\n
When asked if he was concerned if winter demand might outpace
\nsupply, the OPEC chief said that the cartel would wait for
\nannouncements from the United States and other big consumer
\nnations about their strategic reserves during the course of the
\nwinter.<\/p>\n
\"We are waiting to see. The supply is there, (however) there
\nis still a problem in refining,\" he said referring to a large
\nnumber of U.S. refineries still shut in from damage caused by
\nHurricane Katrina.<\/p>\n
\"I think that if there will be a problem, it will be a product
\nproblem - not a crude problem,\" he added.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/opec-not-considering-production-cut-chief-1447893297",
"image": ""
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