OPEC won't cut output until prices stabilize

June 15, 2006 12:39


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The Organization of Petroleum Exporting Countries won't cut its current output ceiling until oil prices stabilize, Kuwaiti Oil Minister Sheikh Ahmad al-Fahd al-Sabah said Thursday. OPEC's official production quota has been unchanged at 28 million barrels a day since July 2005, and Sheikh Ahmad, who is in India for a visit, sees no moves to change that. "Although the market was oversupplied, and there was oversupply of more than 1.5 million barrels, OPEC (members) continued with their production," Dow Jones Newswires quoted Sheikh Ahmad as saying.

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