OPEC may cut output

Tehran, November 20:

Acting Organisation of Petroleum Exporting Countries (OPEC) secretary general Mohammed Bar-kindo said in Tehran that the cartel would have to wait several weeks before examining a new production cut to support prices.

“The market is wrong about the OPEC commitment, we should wait at least for one month to assess the impact of the OP-EC decision,” he said on the sidelines of an oil and gas conference. “The main preoccupation of OPEC is to rebalance the market.” OPEC decided on October 20 to slice production by 1.2 million barrels a day to halt a decline in prices but since then some oil ministers have suggested further cuts may be agreed in December.

Meanwhile, China’s largest offshore oil producer has called for closer cooperation and better communication between non-OPEC members, especially within the Asia Pacific. “Non-OPEC oil suppliers including Russia, South America, Africa and China should stren-gthen cooperation.”