OPEC Needs Not to Cut Output

The Organization of the Petroleum Exporting Countries does not need to make any further output cuts to support oil prices, the Center for Global Energy Studies said in a report published yesterday.

This is because lower output, recent cold weather across much of north America and slower than expected non-OPEC output growth has reduced supplies, the CGES said in its latest monthly study.

The report comes after Iran’s oil minister had Saturday predicted that OPEC would not need to make a further reduction at the cartel’s next meeting on March 15, as long as the price of crude remains around current levels. Oil prices have been trading in a range between $55 and $60 during recent weeks.