OPEC may cut output by 1m-1.5m bpd in Feb: Purnomo
Monday, December 8 2003 - 03:16 AM WIB
Acting Secretary General of the Organization of Petroleum Exporting Countries (OPEC)Purnomo Yusgiantoro hinted on Monday that the oil cartel might decide to cut ouput ceiling by between 1 million - 1.5 million bpd at the next Feb. 10 meeting in Algiers.
Purnomo, who was also appointed as the cartel's president last week, said that the output cut was necessary to maintain oil prices amid the prospects of lower demand during the spring period and higher oil supply particularly coming from Iraq, and Russia.
But he acknowledged it was too early to say the exact oil output cut that should be taken by OPEC.
The 11-member organization last week decided to maintain the cartel's oil production ceiling of 24.5 million bpd, but signalled they would cut it in the second quarter of 2004 to keep prices firm.(Alex)