Last Updated : 29 November 2011 at 18:35 IST
Is OPEC planning to curb oil production?
OPEC has been divided on the issue of cutting down oil production. But with members increasingly voicing that output be curbed, the possibility of a cutdown in production cannot be ruled out.
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NEW YORK (Commodity Online): OPEC has been divided on the issue of cutting down oil production. But with members increasingly voicing that output be curbed, the possibility of a cutdown in production cannot be ruled out.
Venezuela repeated its call for output cuts with oil minister Rafael Ramirez saying "There were a group of OPEC countries who unilaterally raised their production, so we are not going to talk about any change in production until everyone returns to the levels of production last agreed"
With an OPEC meeting scheduled for December 14, the chances for productions cuts have significantly increased especially after Iraq joined Iran and Venezuela to support the cause. Iraqi oil minister had earlier told reporters that he expects oil to trade in a reasonable and acceptable range of $100-$120/bbl. And Saudi Arabia, who had till now been reluctant in reducing output also seem to have changed minds.
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