Â No guarantee of OPEC output target cut in November
DUBAI/LONDON (Reuters): OPEC may not need to cut its oil output target at a meeting in November, a Gulf OPEC delegate and other OPEC sources said on Wednesday, as strengthening demand in coming winter months should support oil prices that have fallen below $100 a barrel.
Oil ministers from the Organisation of the Petroleum Exporting Countries are scheduled to meet in Vienna on Nov. 27, to consider whether to adjust their output target of 30 million barrels per day (bpd) for early 2015.
On Tuesday, OPEC Secretary General Abdullah al-Badri said he expected the groupâ€™s production to be around 29.50 million bpd in 2015, not 30 million bpd. â€śI think our target will be lower, maybe by 500,000,â€ť he said.
But OPEC delegates said on Wednesday it was too early to predict a cut in the output target, while Algeriaâ€™s oil minister said he believed current prices were not a matter for concern.
â€śIt is still early to judge,â€ť a OPEC delegate from a Gulf country said.
A second delegate said: â€śAll believe oil prices will recover, so no need for action.â€ť