No need for oil output cut: OPEC ministers

Organisation of the Petroleum Exporting Countries (OPEC) oil ministers say they expect to hold production quotas steady at Thursday’s m...

Organisation of the Petroleum Exporting Countries (OPEC) oil ministers say they expect to hold production quotas steady at Thursday’s ministerial meeting, as oil’s persistent price strength eases fears of a price collapse early next year.

Ministers from Iran, Kuwait the UAE and Indonesia said that the OPEC, which controls half the world’s oil exports, should leave its 24.5 million barrels per day production ceiling in place when it meets in Vienna on December 4.

OPEC pulled a surprise at its September meeting, deciding at the last minute to cut production by 3.5 per cent from November to stop rising supply from Russia and Iraq from swelling global stockpiles.

‘‘I think certainly we don’t need a new cut now or in January,’’ said Iranian Oil Minister Bijan Zanganeh. ‘‘The price is in the top side of the band (OPEC’s $22-$28 target band) and we are committed not to put pressure for a price out of the band.’’ ‘‘I think continuing with the current output ceiling is what is suitable for the coming period,’’ Kuwaiti Energy Minister Sheikh Ahmad al-Fahd al-Sabah said on Monday.

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