The ministers of the Organization of the Petroleum Exporting Countries are meeting in Cairo today
The ministers of the Organization of the Petroleum Exporting Countries are meeting in Cairo today to discuss whether or not to cut crude supplies.
Four OPEC members - Kuwait, Venezuela, Libya and the UAE - have urged greater compliance by OPEC with its output target of 27 million barrels per day on concern that supplies are outstripping demand.
Kuwait?s oil minister also called OPEC to consider cutting output by half a million barrels in the second quarter of 2005 to counter the fall in oil demand due to the winter end.
The group is producing about a million barrels more than its target level after boosting output to cool record oil prices that broke $55 a barrel in October. Prices have tumbled nearly a quarter since as stockpiles rose and on a mild start to the US winter.
OPEC?s biggest task is to gauge how aggressively it can act to bolster prices without endangering world economic growth, which is expected to slow next year.
