The world oil market is over-supplied with inventories at their
highest in five years, OPEC officials and Ministers said on Friday,
but a decision to cut output will likely be delayed until December.
OPEC Secretary General Abdalla Salem El-Badri said ahead of a
consultative meeting of the Organisation of Petroleum Exporting
Countries in Cairo on Saturday that the "market is over-supplied."
Against that background, Iran and Qatar's oil Ministers said the
cartel will make a decision on whether to cut output in the face of
tumbling crude prices when Ministers meet in Algeria on 17th
December.
"Here we will prepare some data and maybe the final decision will be
in Algeria," Iran's Gholam Hossein Nozari told reporters on his
arrival in the Egyptian capital for the OPEC meeting.
Qatari Energy Minister Abdullah al-Attiyah also said a decision "will
likely be taken in Algeria" to cut production to shore up prices,
which have slumped to around USD 50 a barrel from a record high of
around USD 147 in July.
"We have to discuss the statistics. We will go to Oran (Algeria). We
are here to talk," Attiyah said.
Ahead of the meeting, OPEC president Chakib Khelil, who is also
Algeria's energy Minister, had downplayed the idea of an output cut
being announced in the Egyptian capital.
"Oil stocks are high... the highest average in the past five years,"
Attiyah said.
Sources
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