OPEC for sufficient oil output cut

OPEC for sufficient oil output cut

Agency News

Vienna, Dec 6: The Organisation of the Petroleum Exporting Countries (OPEC) meeting here on Thursday is looking for a "sufficient cut" to balance the oil market.

"We are looking for a sufficient cut to balance the market," Saudi Energy Minister Khalid al-Falih told reporters as OPEC members met closed-door in the Austrian capital.

Also, the oil cartel in a statement said it is important to examine the potential gap between supply and demand in 2019.

In another development, Iran's petroleum minister ruled out the possibility of his country quitting OPEC following a Qatari decision to do so, the official IRNA news agency reported.

"Iran is a founder of the OPEC and will not exit from the organization," Bijan Namdar Zanganeh said.

Zanganeh regretted that Qatar has decided to leave the OPEC, saying "Iran is not happy about Qatar's withdrawal from the OPEC." (UNI)