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19

OPEC Calm On Possible Oil Price Drop

Opec has no plans to call an emergency meeting on supply cuts

Opec has no plans to call an emergency meeting on supply cuts, an Opec official said yesterday, amid signs some of the group's biggest producers are at ease over oil's 20 per cent decline since mid-July.

When the time does come for Opec to cut output, the focus will be on Saudi Arabia, Kuwait and the United Arab Emirates, the official said, because they are key producers of oil.

But these countries appear in no rush to act and some Opec sources believe US crude must drop decisively below $60 before Gulf producers consider a cut.