Less Oil Production To Help Maintain Balance

Reducing oil production to maintain market balance could be necessary in the not too distant future, a Kuwaiti official warned on Sunday. OPEC ministerial talks held here revealed commitment to reduction by 104 percent in October, Kuwait’s OPEC representative and Kuwait Petroleum Corporation (KPC) official Haithem Al-Ghais said.

The talks also reviewed a “recommendation for a new amendment regarding reducing production next year, but without determining the quantities or a mechanism for this,” he added.

Attendees urged the committee responsible for these reports to carry out a further review into the matter ahead of making a final verdict presented at the OPEC conference on Dec 5. Alongside Kuwait, the talks, headed by Saudi Arabia, also witnessed the attendance of the host nation United Arab Emirates, Algeria, Venezuela and non-member countries Russia and Oman.

 

SOURCE : ARABTIMES

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