OPEC May Further Cuts

OPEC President Purnomo Yusgiantoro has stated that the cartel may decide to further cuts in production at its regular quarterly meeting on March 31.

OPEC cut its production by 1 million barrels per day (bpd) to 23.5mn bpd as of April 1. However, overproduction is estimated at 1.5mn bpd and the cartel will try to curb that as well.

Purnomo reiterated the cartel?s pledges to keep world oil prices within the target range of USD 22-28 per barrel.