OPEC: Ministers to decide on a new cut proposal of 1.7 M B/d
OPEC's policy committee -MMC, is recommending to the OPEC's Ministers has a 1.716 million barrel a day cut to the current 26.7 million b/d output, all news agencies reported Wednesday.
The MMC's recommendation is being discussed at a informal meeting of OPEC's ministers currently underway, and a final decision will be taken at the formal session later Wednesday. The MMC and members are Iran, Nigeria and Qatar, all of the members have agreed on the recommendation.
If a cut of 1.716 M b/d is aproved this cut would reverse Mar 00 increase. In March last year OPEC raised its output target by 1.716 million b/d, effectively reversing a previous cut of the same size.
The MMC's recommendation is a new development, in light of the yesterday's information that it seemed that a 1.5 million b/d cut was the consensus.
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