Friday, January 30, 2009

OPEC will weigh further production cuts

OPEC is ready to make further cuts in oil production in coming months if prices and global demand don't stabilize, the oil cartel's secretary general said at the World Economic Forum annual meeting on Thursday.

It will be clear in coming weeks whether cuts totalling 4.2 million barrels a day instituted in recent months are being met by OPEC members, said Abdalla Salem El Badri, in a panel discussion on the energy outlook for the year ahead.

No comments: