OPEC likely to consider new output cut in December

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Last updated at: (Beijing Time) Friday, September 26, 2003

OPEC likely to consider new output cut in December

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The Organization of Petroleum Exporting Countries (OPEC) would possibly consider a new cut in crude oil production at its extraordinary meeting in December, Venezuelan Energy and Mining Minister Rafael Ramirez said Thursday.

Ramirez's remark was made through telephone from Vienna broadcast on a Venezuelan television program Thursday.

He said OPEC decided on Wednesday to cut oil production by 900,000 barrels per day (bpd) to 24.5 million bpd from November.

Iraq has been outside the old-quota system for more than 10 years. Thus, this country will neither take part nor comply with the cut as long as it does not have a normal and stable domestic situation, said the Venezuelan minister.

As to how the operations of Venezuelan state-run oil company PDVSA will be affected by the 104,000 bpd cut, he said his countryhas always had the flexibility for readjustments.

The PDVSA has countermeasures to face such cuts, said the minister.

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