By Inal Ersan
Oil cartel should slash oil supply by 'much more' than one million barrels per day as stocks remain high.
OPEC should cut oil output by "much more" than one million barrels per day as inventories were very high, OPEC President Chakib Khelil said in remarks published on Tuesday.
"I believe the meeting will take such a decision," al-Hayat newspaper quoted Khelil as saying. "OPEC should take a decision to cut production by more than a million barrels per day because global stocks are very high."
"Even a million barrels is not enough, it should be much more for the stability of markets," he said, adding that the $75 a barrel price target set by Saudi Arabia's King Abdullah was a "fair price".
OPEC ministers could make their deepest oil supply cut ever when they meet on Wednesday to combat shrinking demand, bulging stocks and a $100 collapse in prices. (Reuters)