We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 19 Feb 2008 04:47 PM

Font Size

- Aa +

Not time to cut, says Opec

Cartel production likely the remain the same amid rising prices and uncertainty over supply capacity.

Opec is unlikely to cut oil output at a meeting in March due to rising prices and uncertainty about supply from Venezuela and Nigeria, Opec sources said on Tuesday.

Opec meets on March 5 and some members including Iran have urged the group to lower output, even though oil is trading near a record high.

"Prices are high and this is not the time to talk about a cut," said an Opec delegate from one of the group's larger producers, who declined to be identified by name.

"It is too early at this time to make a definitive statement, but the logic would be no change," said a second source familiar with Opec policy.

The first delegate said supply uncertainty in Nigeria, whose output has been hit by militant attacks, and Venezuela, which is threatening to halt oil sales to the US, argued against talk of an Opec cutback.

"There is no need to cut now, especially with what's happening in Venezuela and Nigeria," the delegate said. (Reuters)

Arabian Business: why we're going behind a paywall

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.