Kuwait's oil minister on Wednesday refused to confirm or deny rumours here that OPEC was poised to order an oil production cutback of 1.7 million barrels per day.
"I refuse to comment," Sheikh Saud Nasser al-Sabah said when asked by journalists whether an OPEC subcommittee which monitors market movements would propose the 1.7-million-bpd cut.
Most ministers here have said there is a broad consensus for the Organisation of Petroleum Exporting Countries to slash output by 1.5 million barrels a day, though several hawks wanted deeper cuts to underpin prices.
Analysts have said the market will take a 1.5 million bpd cut in its stride, but anything higher would be viewed as aggressive by oil-importing nations, which are worried that higher prices will filter through, hurting world economic growth.
But as some OPEC countries are currently producing below their quota level, a cutback of 1.7 million bpd would yield a real output reduction of 1.5 million bpd, market watchers say.—AFP.
©--Agence France Presse.
© 2001 Mena Report (www.menareport.com)
