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Qatar favour 1 million bpd OPEC oil output cut: energy minister
AFP
DOHA
Petroleumworld.com 10 12 06
Qatar's energy minister said Wednesday the Gulf emirate was in favour of OPEC's call on members to cut oil output by one million barrel per day (bpd), QNA official news agency reported.
"Qatar supports a reduction of one million bpd due to sharp fluctuations and instability in the international oil market," QNA quoted Sheikh Abdullah bin Hamad Al-Attiyah as saying.
He said he expected an announcement of agreement among the cartel members over the cut, shortly after OPEC's president Edmud Daukoru said member nations have in fact collectively decided to reduce production by one million bpd.
"Our position to cut one million bpd (barrels per day) has received consensus. All members have agreed" on the figure, Daukoru told AFP, adding that the cut would go into effect next month.
OPEC spokesman Tareq Amin, however, said there was "nothing new" to signal and that ministers were still in consultations.
The oil market has been waiting more than two weeks for a clear signal from OPEC in reaction to a 25 percent plunge in crude prices in the past two months.
AFP 11 1444 GMT 10 06
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