OPEC could agree on a new oil production cut at the next meeting in May if it is warranted by market circumstances, such as high global crude stocks.
OPEC could agree on a new oil production cut at the next meeting in May if it is warranted by market circumstances, such as high global crude stocks, Venezuelan Oil Minister Rafael Ramirez said on Thursday. OPEC decided to leave production flat at its last meeting on March 15 after heavily cutting output at its previous meeting in response to a massive price fall of close to $100 per barrel over a period of six months.
"We are going evaluate if those cuts have been enough to lower oil inventories," he said. "If not, on May 28 (when) we meet again in Vienna at an extraordinary meeting, we will carry out an additional oil (production) cut."
Earlier in the day, Ramirez said he hoped oil would stabilize at around $70 per barrel. In the past he has said this is the minimum price necessary to ensure adequate investments to maintain global supply.
On Thursday, oil prices touched a four-month high over $54 a barrel.