A member of the Kuwait Supreme Petroleum Council (SPC) has reported that OPEC is unlikely to cut output at its September meeting because oil prices are currently stable.
In comments published by the al-Seyassah newspaper, Imad al-Atiqi revealed that the council will instead focus on better compliance with previous cuts at the meeting.
Last month the Oil Minister for Kuwait, also talking about the upcoming meeting, said there was no need for OPEC to change oil supply targets, as the oil price is satisfactory.
The meeting, to discuss supply policy, will be held on 9 September in Vienna. OPEC supplies over a third of the world’s oil currently and so far this year gas kept output targets steady.
Last year OPEC output was cut by 4.2 million bpd in order to give a boost to falling prices.
