Al-Attiyah hints at output cut in February

12 December 2003
The president of OPEC, Abdullah al-Attiyah, on 12 December said that the organisation may reduce its output ceiling during its extraordinary February meeting to avoid producing a forecasted 2.5 million barrels a day surplus in the second quarter of 2004. 'What we are concerned about is the second quarter - We said that we would discuss it very carefully in Algeria and then we can take a decision,' he said to reporters at the Organisation of Arab Petroleum Exporting Countries (OAPEC). 'Maybe a cut is one of them.'

Al-Attiyah also said that there was little chance that oil ministers would discus the possibility of changing the trading currency to Euros, as suggested by outgoing OPEC Secretary-General Alvaro Silva, from dollars (MEED 5:12:03).

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