In a report released by the Mexican Energy ministry suggested that a range of factors - including an increase in Iraqi oil exports - likely would minimize the cuts' effect on prices, according to Mexico's local newspaper La Jornada.
The report added that much would depend on whether independent producers Norway, Russia, Angola and Oman chose to reduce exports.
OPEC hopes that the countries will announce combined output cuts of 160,000 barrels per day (BPD), adding to Mexico's 40,000-bpd cut, implemented April 1.
La Jornada also reported that oil industry analysts on Monday said export cuts implemented by the Organization of Petroleum Exporting Countries (OPEC) and independent producer Mexico likely would not have a major impact of prices due to persisting expectations of weak global economic growth and lower-than-expected demand for oil.
© 2001 Mena Report (www.menareport.com)