OPEC Will Cut Supply if Necessary

OPEC will consider cutting output if the world does not need its oil, Iraq's Oil Minister Hussain al-Shahristani said on Monday, adding the group was already producing more than enough.

'There has been a reduction in demand and the current production of OPEC is more than the market can absorb,' he said.

The minister was in London to drum up international interest in investing in Iraq's oilfields.

The Organization of the Petroleum Exporting Countries has called an emergency meeting for Nov. 18 in Vienna to discuss the impact of the global financial crisis on oil markets.

Author: Jo Amey