OPEC will cut production in March if needed to stabilize market
The Organization of Petroleum Exporting Countries (OPEC) will cut oil production in March if market stability is threatened, Qatari Energy Minister Abdullah bin Hamad al-Attiya said Thursday.
"If the stability of the market requires a drop in production, we will do it, but each thing in its time," he said in a statement released by Qatar's official QNA news agency.
Last week, Attiyah said it was unnecessary for OPEC countries to lower their production.
"In light of the current world oil market situation, OPEC does not need to reduce its production," he said.
Brent North Sea crude for April delivery fell as low as $26.90 a barrel Thursday from $27.28 overnight, continuing a five-day slide, before recovering to $27.04 by early afternoon.
In New York, a barrel of light sweet crude for March fell 65 cents to $29.71.
The OPEC basket price also slipped from Wednesday night's close of $25.74 to E25.71 on Thursday night, according to OPECNA, the cartel's official news agency.—AFP.
©--Agence France Presse 2001.
© 2001 Mena Report (www.menareport.com)