Ali Rodriguez Araque the new Secretary General of OPEC, said Thursday that there is no doubt that OPEC will cut production this month, either before or at the price committee meeting on Jan. 17, or both. We just have to agree in the amount.
"There is a unanimous consensus on the decrease in production, at the Jan. 17 meeting, the amount will be review and decide upon." Said Rodriguez.
Rodriguez added he believes that Mexico and other non-OPEC oil producers like, Angola and Russia will go along with the cuts, but that is their decision.
"Mexico has always been willing to cooperate with OPEC," he said.
Venezuela's position has been that there is an over supply of the market by 1.4 mill. b/d, a senior Venezuelan official confirmed to a news agency that some countries were opposed to an immediate cut of over 1 million barrels per day.
World oil prices have dropped about 30 percent during the last month and several oil producing countries have suggested cutting output by 1 million b/d to 1.5 million b/d.
By Elio Ohep
© 2001 Mena Report (www.menareport.com)
