DOHA: OPEC should look to reduce oil supply further if demand is insufficient to absorb supplies, Iraq’s oil minister said on Tuesday.
“If there is not sufficient demand for OPEC crude we will have to consider a reduction,” Oil Minister Hussainal-Shahristani told reporters on the sidelines of a conference. OPEC, supplier of more than a third of the world’s oil, has raced to cut supply to match falling demand from a slowing global economy. The Organization of the Petroleum Exporting Countries next meets in March to discuss supply.
Shahristani said earlier this month he expected OPEC to reduce supply targets at the March meeting. The group pledged cutting 4.2 million barrels per day (bpd) since September had stabilized the market, he said on Tuesday. “After our previous decision, it has not kept slowing down, “Shahristani said.
U.S. crude has fallen by more than $110 from its July peak to trade at under $37 a barrel on Tuesday. Oil has mostly traded in a $35 to $45 range since December.
source : jang.com.pk
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