OPEC nations are tentatively planning a January meeting at which they could discuss the possibility of cutting output to prevent a supply glut, Kuwait said Sunday.
Asked whether the Organisation of Petroleum Exporting Countries (OPEC) would discuss the possibility of reining in production to ensure that supply does not swamp the market and collapse prices, Sheikh Saud Nasser al-Sabah said: "We will see in January. That will be decided in January."
He said the mooted gathering would be "a scheduled meeting for January, hopefully." Algeria has already proposed the idea of a midwinter meeting to enable OPEC to keep a close check on the market and move to adjust supply if necessary.
Many ministers here are warning that supply could have to be cut to prevent the type of market surplus that would cause a slump in prices.—AFP.
©--Agence France Presse.