Oil market fundamentals do not justify a cut in Opec supply, especially with prices near record highs, a Nigerian Opec delegate told Reuters on Thursday, days before the group meets in Vienna.
"At the moment, the fundamentals do not support a trimming down in supply," he said by telephone. "With prices where they are now, what would be the objective?
The Organisation of the Petroleum Exporting Countries meets on March 5 to chart oil output policy. Prices are above $99 a barrel due to supply worries and an influx of financial flows into commodities.
"These high prices are not in the interest of either producers or consumers," he said. "Trimming supply will only exacerbate the situation." (Reuters)
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