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OPEC says it's ready for more oil production cuts
Published in Saudi Press Agency on 29 - 01 - 2009


OPEC is ready to make further
production cuts if prices don't rise in the coming weeks,
its secretary-general said Thursday.
Abdalla Salem El-Badri, speaking at the World Economic
Forum in Davos, expressed hope that global oil demand would
pick up «by the end of this year or beginning of next
year.»
El-Badri insisted that OPEC members will have reached the
group's pledge of a drop of 4.2 million barrels a day by
the end of January, according to a report of Associated Press.
After that threshold is reached, he said, «We have to
review these numbers and see how the market will react.»
«If we still have some downward problems, then OPEC will
not hesitate to take some quantity out of the market,» he
said.
He stressed the reductions should not be so deep that oil
producers can't keep up with demand once it rises again.
In December, the Organization of Petroleum Exporting
Countries announced a 2.2 million barrel production cut
aimed at shoring up prices that have plummeted from
mid-July highs of nearly $150 per barrel. The cuts came on
top of another 2 million production cut instituted in the
last quarter of 2008.
El-Badri said oil producers need «a reasonable price,»
preferably higher than $50, to afford investment in the
industry.


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