|
ReutersPublished: Wednesday, October 08, 2008ANTALYA, Turkey (Reuters) - OPEC may need to consider cutting oil output if the price of crude remains below $90, Iraqi Oil Minister Hussain al-Shahristani told Reuters on Wednesday. "It has been a source of concern since the price has fallen since June and July," he said on the sidelines of an energy conference in the Turkish coastal city Antalya. "We are now looking at the market and if there are any future declines below $90 we will need to consider taking action," the minister said. Oil fell by more than $4 to a 10-month low on Wednesday as expectations mounted the international financial crisis would have a major impact on demand for fuel, but later pared some of its losses. Fellow OPEC members Libya and Iran have also expressed concerns this week about the impact of the worsening global crisis on the oil market. OPEC decided at a meeting in Vienna on September 9-10 to comply strictly with its formal output target, a move officials said would result in the group trimming supply by about 500,000 barrels per day. The Organization of the Petroleum Exporting Countries' next scheduled conference is on December 17 in Algeria. (Reporting by Thomas Grove; writing by Paul de Bendern)
|
