Opec to approve new oil cut

CARACAS – The Organisation of the Petroleum Exporting Countries will agree on a new cut in oil production at a meeting in Nigeria next month, according to Venezuela’s energy minister.

The new cut “will be proposed … because (oil) price remains unstable,” Energy Minister Rafael Ramirez told Venezolana television on Wednesday.”In December there will be consensus to continue acting on volume,” he said, without indicating by how many barrels Opec would cut production.Venezuela, a founding member of Opec, was the world’s eighth largest oil exporter last year, according to the US government’s Energy Information Administration.Opec decided last month to cut production by 1,2 million barrels per day from the start of November in order to support weakening prices, which have shed around US$20 since last August.Opec President Edmond Daukoru, Nigeria’s oil minister, told a newspaper that the cartel’s members were likely to back a fresh production cut next month.”I have no doubt that there is going to be a cut in supply,” Daukoru told the newspaper This Day in Nigeria.Daukoru’s comments followed those of Qatari Energy Minister Abdullah bin Hamad al-Attiyah, who suggested over the weekend that Opec would approve a further output cut at its ministerial meeting in Abuja, Nigeria on December 14.Nampa-AFPbecause (oil) price remains unstable,” Energy Minister Rafael Ramirez told Venezolana television on Wednesday.”In December there will be consensus to continue acting on volume,” he said, without indicating by how many barrels Opec would cut production.Venezuela, a founding member of Opec, was the world’s eighth largest oil exporter last year, according to the US government’s Energy Information Administration.Opec decided last month to cut production by 1,2 million barrels per day from the start of November in order to support weakening prices, which have shed around US$20 since last August.Opec President Edmond Daukoru, Nigeria’s oil minister, told a newspaper that the cartel’s members were likely to back a fresh production cut next month.”I have no doubt that there is going to be a cut in supply,” Daukoru told the newspaper This Day in Nigeria.Daukoru’s comments followed those of Qatari Energy Minister Abdullah bin Hamad al-Attiyah, who suggested over the weekend that Opec would approve a further output cut at its ministerial meeting in Abuja, Nigeria on December 14.Nampa-AFP