OPEC should not increase production, but it could cut it if necessary, Qatari Oil Minister Abdullah bin Hamad al Attiyah said Monday, July 2.
"We're not supporting increasing production... because we believe very strongly there is no reason to increase production," he told reporters as he arrived for a meeting of the 11-member cartel. Asked whether OPEC should cut production if Iraq resumed its exports, suspended since last month in a row over UN sanctions, he said: "No, I don’t think so, we have accounted for (Iraq's) reduction."
But he added: "If we see that the market needs to cut production to balance demand and supply, then why not?" OPEC President Chakib Khelil earlier expressed concern at the risk of a price collapse if too much oil floods onto world markets. —(AFP)
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