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OPEC may meet to discuss cutting oil output

OPEC may meet to discuss cutting oil output

OPEC is considering an emergency meeting to discuss the possibility of cutting output, Nigeria's oil minister said Thursday.
"We are toying with the idea of an emergency meeting," said Edmund Daukoru, who also serves as president of the Organization of Petroleum Exporting Countries.
An unsourced Financial Times report on Thursday said OPEC has informally agreed to cut output 4 percent in coming weeks to defend the US$50-US$55 per barrel price range. Dow Jones Newswires, citing an OPEC governor, said OPEC ministers agreed to cut 1 million barrels a day from its current oil production levels, with Saudi Arabia cutting 300,000 barrels per day, effective as soon as possible.
"We each have an idea of what is an appropriate response ... we agree that something needs to be done," Daukoru said, referring to possible cuts in output. "We will have to agree on how much, how soon and how we distribute it among the member countries."
Daukoru said OPEC members would only agree on a formal position on oil cuts after consultations. But he said Venezuela has already promised to announce a cut of 50,000 barrels per day.
"Algeria also gave me some understanding," Daukoru said. "The Saudis were already taking some measures on their own as part of leadership."
Saudi Arabia's ambassador to the U.S. had said on Wednesday that he did not expect OPEC to hold an emergency meeting to discuss prices ahead of its scheduled Dec. 14 meeting, despite the recent decline in prices.


Updated : 2021-04-16 11:17 GMT+08:00