Business | Oil & Gas

Output cut of oil unlikely

Despite the expected drop in demand, high prices and supply uncertainty would make it difficult for the Organisation of Petroleum Exporting Countries (Opec) to cut output, Libya's top oil official and Opec sources said.

  • Reuters
  • Published: 01:22 February 22, 2008
  • Gulf News

Despite the expected drop in demand, high prices and supply uncertainty would make it difficult for the Organisation of Petroleum Exporting Countries (Opec) to cut output, Libya's top oil official and Opec sources said.

Analysts have suggested that Opec members could trim supply quietly if needed to stop prices falling too far, but were unlikely to announce a formal reduction in its supply target at the March meeting.

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