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.
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