OPEC insists no plans to cut output

PARIS - OPEC has no plans to cut production, but Nigeria has unilaterally decided to reduce its output by 5.0 percent in October, the Vienna-based oil exporters group said on Friday.

By (AFP)

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Published: Fri 29 Sep 2006, 6:36 PM

Last updated: Sat 4 Apr 2015, 1:24 PM

“There is no agreement, there is no formal or even informal agreement (to cut output) and what Nigeria has done is simply for its own marketing strategy,” said an OPEC spokesman.

Press reports said Thursday that several leading OPEC members, including Nigeria, Saudi Arabia and Kuwait, had informally agreed to lower their production from October because of the fall in oil prices.

The Organization of Petroleum Exporting Countries’ output quota has remained at 28.0 million barrels per day since June 2005.

The OPEC spokesman said Nigeria had “directed the directorate of petroleum resources to cut production by 5.0 percent effective October 1, for the last quarter.”

He said: “To the best of our knowledge in the secretariat, no (other) country has written to inform us that they are going to do this.”

Oil prices are about 20 percent lower than their record high point of 78.40 dollars reached in July, with New York’s main contract, light sweet crude for delivery in November, down 24 cents Friday to 62.52 dollars per barrel in electronic deals before the official opening of the US market.

Prices dipped briefly below 60 dollars per barrel on Monday.

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