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Opec Considers Reducing Oil Supply

Kuwaiti Energy Minister Sheikh Ahmad Al-Fahd Al-Sabah, says the group is considering if it should reduce the oil supply

Kuwaiti Energy Minister Sheikh Ahmad Al-Fahd Al-Sabah, who currently holds the rotating presidency of the Organization of Petroleum Exporting Countries, says the group is considering if it should reduce the oil supply.

The OPEC president noted this before he went to Qatar for negotiations on energy cooperation, especially in natural gas.

Sabah said that now the crude output reaches 30.3 million barrels per day, which means about two million barrels inventory every day.

He added that OPEC could decide to reduce supply in excess of official limits, but oil prices should be acceptable for both producers and consumers.