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Kuwait Official says OPEC Likely to Cut Output: Report - ASHARQ AL-AWSAT English Archive
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KUWAIT (Reuters) – OPEC is likely to cut oil supply to support prices at its meeting on Sunday, a member of Kuwait’s Supreme Petroleum Council said in remarks published on Wednesday.

“A (supply) reduction decision by OPEC is likely to be taken unanimously due to what’s happening to the prices,” Imad al-Atiqi told al-Seyassah newspaper.

The Organization of the Petroleum Exporting Countries (OPEC) should act to strengthen and stabilize prices, said Atiqi, adding a fresh supply cut would revive the oil market.

OPEC has agreed cuts of 4.2 million bpd since September to prop up prices.

U.S. crude has slumped over $100 to trade under $46 a barrel from a peak near $150 in July, putting a big dent in oil exporter income.

OPEC-member Kuwait, the world’s seventh-largest oil exporter, relies on oil for 97 percent of state revenue.

Another member of the council, Kuwait’s top energy decision making body, said on Monday that the oil price would rise above $50 if OPEC cut by a million barrels per day on Sunday.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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