OPEC ready for more output cuts to boost oil prices

January 31st, 2009 - 11:54 am ICT by IANS  

Vienna, Jan 31 (IANS) The Organisation of the Petroleum Exporting Countries (OPEC) would further reduce output if oil prices remain low, a top official of the Vienna-based cartel has said. OPEC Secretary General Abdullah al-Badri made the remarks at the annual meeting of the World Economic Forum in Davos Friday, IRNA reported.

Al-Badri expressed hope that the global oil demand would pick up by the end of this year or beginning next year.

He said OPEC’s pledge to drop output to 4.2 million barrels a day will start from January end. “After that, if we still have some downward problems (if oil prices remain low), then OPEC will not hesitate to take some quantity out of the market,” he added.

Al-Badri said a fair price for oil is between $60-80.

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