Qatar says new cut in OPEC output not necessary
Qatar's Oil Minister Abdullah bin Hamad al-Attiya said Sunday a cut in OPEC's crude output was not necessary, the Emirati agency WAM said.
"In the light of the current situation on the global oil market, OPEC does not need to cut its production," he said.
He explained that "if prices stabilised around Friday's level, we see no need to reduce output."The price of a barrel of Brent quality North Sea was $29.48 Friday before closing, up from $29.19 a week earlier.
The Organization of Petroleum Exporting Countries' (OPEC) price mechanism theoretically triggers an output cut if prices persist below $22 dollars a barrel for 20 consecutive working days.—AFP.
©--Agence France Presse 2001.
© 2001 Mena Report (www.menareport.com)