OPEC president mulls possible cut in crude oil output at December meeting
Current OPEC President and Nigerian Oil Minister Edmund Daukoru has said he expects a cut of at least half a million barrels per day in oil output after the cartel's December 14 ministerial meeting in Nigerian capital Abuja.
"When we meet (on December 14), we will look at the data and the trend and I do not expect anything less at this meeting," Daukoru told a group of journalists Friday who had asked him if the expected output cut from OPEC could reach half a million barrels a day.
"There is likely to be some further trimming. The actual amount (to be cut) would depend on circumstances. And what we are seeing now will definitely influence our decision: how much to cut," he told three journalists caught up with him in a lift as he got set for a press conference.
He said he was beginning to be happy with the current oil prices, but he said that he was not fully satisfied with them yet.
"I am beginning to be happy with the current prices but not fully happy yet, he said.
"I do not see prices getting back to the 70s. Definitely not the upper 70-plus dollars that we saw back in August," Daukoru added.
World crude prices climbed above 61 dollars per barrel on Tuesday ahead of expected colder weather in the United States and an output cut by OPEC in mid-December.
