OPEC might lower its production target when its members next meet in late November, in response to ever-weakening demand for its oil in the face of rising non-OPEC supplies, the group’s Secretary General ‘Abd Allah Salem al-Badri said in Vienna this week.
With OPEC output seemingly now back on the rise however – total production has increased month-on-month since April – there is a looming question on the horizon, and that is how the group proposes to make the cuts, and more specifically which countries would be prepared to scale back production. (CONTINUED - 1015 WORDS)
