Oil and Petroleum Exporting Countries (OPEC) oil cartel on Thursday raised pressure on rival producers to join output restraint efforts even though prices seem too high for non-OPEC states to consider sharing the load.
OPEC last week agreed to cut production by 3.5 per cent from November 1 to curb growth in consumer inventory stockpiles as rival production rises from Russia and West Africa. OPEC said it expected non-OPEC producers to join in if further cuts are needed. OPEC meets again on December 4 to decide policy for the first quarter 2004.
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