OPEC Production Cut Not Likely if Prices Remain Stable
The secretary-general of the Organization of Petroleum Exporting Countries reiterated in several news reports during the weekend that the group won’t cut oil production next month if prices stay near current levels.
“If we see the price [of the OPEC basket] continues to hover around $25 a barrel . . . there wouldn’t be any additional cuts at the March meeting and only an extraordinary ministers meeting will be called,” Ali Rodriguez told Venezuela’s local daily El Nacional on Saturday. He made the same comments to another daily, El Universal.
The value of OPEC’s basket of seven crude oils averaged $24.48 a barrel Thursday, the most recent day for which figures were available.
OPEC ministers meet March 17 in Vienna to decide whether to further cut production this year.
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