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17 July 2024

Opec plans further oil output cuts


Opec will consider further cuts to oil production if prices continue to fall, Algerian Energy and Mining Minister Chakib Khelil said.

Opec is set to meet in Vienna in March, and Khelil said another reduction in output remained a possibility. "If there is a downward trend at the time of our meeting on March 15, I am sure that everyone would agree on implementing another reduction in oil output to stabilise prices, then increase it later," Khelil was quoted as saying by the APS news agency.

He said he expected the prices to stabilise at about $45–$46 before "increasing during the third quarter of the year."