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OPEC likely to cut oil production

OPEC likely to cut oil production
Iran's OPEC governor has hinted at further cuts in the cartel's oil output if demand continues to fall, reports said.

Iran's OPEC governor has hinted at further cuts in the cartel's oil output if demand continues to fall, reports said.

Iran's OPEC governor has hinted at further cuts in the cartel's oil output if demand continues to fall, reports said.

''If demand continues to decrease until the next OPEC meeting, further output cut is possible,'' Mohammad Ali Khatibi was quoted saying.

The next OPEC meeting is due on May 28.

Paris-based International Energy Agency (IEA) said last Friday that oil demand in 2009 would fall by 1 million barrels per day (bpd) more than it previously forecast due to the global economic slowdown.

It expects demand to fall by 2.4 million bpd this year, the sharpest annual drop since the early 1980s.

Qatar's Oil Minister Abdullah Al Attiyah said it was too soon for OPEC to react to the IEA's sharp downward revision in the forecast for global oil demand.

Any new OPEC production cut would depend on the oil market situation, according to Iran's Oil Minister Gholamhossein Nozari.

OPEC has already agreed to cut output since September by a total of about 4.2 million bpd, its biggest ever production cuts. It is estimated to have complied with 80% of those cuts.

Light sweet crude for May delivery fell $2.19 to close at $50.05 per barrel in New York on Monday night.

www.TurkishMaritime.com.tr

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