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US to OPEC: Cutting production will harm economy

US to OPEC: Cutting production will harm economy

U.S. S Energy Secretary Steven Chu said Wednesday that if OPEC cuts production and adds to oil price volatility, it could severely hamper any global economic recovery.
Chu told reporters after a Senate hearing Wednesday that he will speak to the ministers of the Organization of Petroleum Exporting Countries before the cartel's meeting next Sunday and tell them that oil price increases "could have a real impact in hurting the world economy in pulling out of this recession."
The OPEC producers already have cut production quotas by 4.2 million barrels a day, but have been unable to stem the downward spiral of global oil prices. They are believed to be considering slashing production by another 500,000 barrels a day, although some investors now say that's no longer certain.


Updated : 2021-01-17 12:22 GMT+08:00