Ahead of today's main session of Ministers of the OPEC, the organisation yesterday had a difference between themselves
Ahead of today's main session of Ministers of the OPEC, the organisation yesterday had a difference between themselves over the modalities for another cut in production level.
Most of the countries who spoke to newsmen expressed varying stands on the issue. For example, Venezuela proposed to reduce the output by 500,000bpd.
Indonesia, Algeria and Iran said they would be persuaded only if the result of the market analysis justifies such action.
Secretary General of OPEC Mohammed Barkindo said the organization has asked its evaluation committee to step in and carry out indept analysis of the market trends and its immediate and future prospects to member's interest.
He said the outcome of the late night's evaluation would determine which position the organization would adopt later today.
According to him, not until the committee completes its work, it would be premature to run into any conclusion as to whether there would be further cut and what volume of production cut would be adopted.
