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Article: Source: OPEC won't cut output unless prices fall to about $37 a barrel
- Article from:
- AP Worldstream
- Article date:
- February 4, 2005
- Author:
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BRAD FOSS, AP Business Writer
AP Worldstream
02-04-2005
Dateline: WASHINGTON
Crude oil futures would need to fall to about $37 a barrel before OPEC decides to cut production, according to a person familiar with the thinking of some of the cartel's top officials.
Last week, the Organization of Petroleum Exporting Countries decided not to rein in production, as the price of light, sweet crude oil futures hovered near $47 a barrel. But the oil cartel left open the possibility of an output cut before its March meeting. What remains to be seen is how far prices would have to fall before OPEC takes action.
At an informal meeting last week in Davos, Switzerland, where global financial leaders met ...