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OPEC Could Cut Production Below Current Price Levels

OIL

OPEC may be “forced” to make additional production cuts if crude prices fall below current levels according to Nigeria’s oil minister.

  • “Prices we are seeing are affecting the budgets of certain member countries, so it won’t be very far from where we are,” said Oil Minister Timipre Sylva
  • “We don’t exactly know what we can do to fix this, but for us, the only instrument that is available is to cut production if prices go too low.”
  • After the last OPEC meeting Saudi Arabia said that OPEC will be attentive, pre-emptive and proactive in term of supporting stability. Earlier this month OPEC saw supply and demand supportive of markets with a deficit in Q4 2022 and in 2023.
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