Although OPEC often calls on its members to rein in overproduction, its belief that prices could plunge when seasonal demand dips during the April-June quarter gives the message an unusual urgency this time.
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OPEC Members Urge Self-Restraint
Springtime glut likely as members continue to over produce...
Several OPEC oil ministers have urged the group's members to slash overproduction at once and to consider approving cuts in their output quotas as early as next month. This call comes from fears of a spring 'glut' on the market.
Representatives of the Organization of Petroleum Exporting Countries argued for better self-restraint in the hope of buttressing oil prices as they arrived in Algiers, Algeria, for a Tuesday meeting to review their oil policy.
Although OPEC often calls on its members to rein in overproduction, its belief that prices could plunge when seasonal demand dips during the April-June quarter gives the message an unusual urgency this time.
OPEC President Purnomo Yusgiantoro said the group fears global demand for oil will decline by as much as 2.5 million barrels a day during the second quarter and that its members are currently producing about 1.5 million barrels a day above their official output ceiling.
Although OPEC often calls on its members to rein in overproduction, its belief that prices could plunge when seasonal demand dips during the April-June quarter gives the message an unusual urgency this time.
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