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Kuwait: OPEC expected to cut production

Kuwait: OPEC expected to cut production

A senior Kuwaiti official says OPEC is likely to announce a production cut during its meeting Sunday in Vienna.
Supreme Petroleum Council member Emad al-Atiqi told Kuwait's Al-Seyassah daily in remarks published Wednesday the Organization of the Petroleum Exporting Countries' decision "is expected to be endorsed unanimously due to what is happening with prices."
OPEC members have offered conflicting signals ahead of the meeting. But some members are stressing more compliance with earlier 4.2 million barrels per day in cuts, which analysts say has restricted crude's collapse amid faltering demand. Prices have plummeted from mid-2008 highs of $147 per barrel to around $46.
OPEC member Kuwait has not said if it supports an output reduction.


Updated : 2021-05-15 10:54 GMT+08:00