16.03.2009 - OPEC pumping more than market can take: Iraq

From Aawsat.com: OPEC is pumping more oil than the market can absorb, Iraqi Oil Minister Hussain al-Shahristani said on Saturday. With demand falling OPEC will have little option but to cut further, he told reporters, but did not make clear whether OPEC's meeting on Sunday should set new output targets or just improve compliance with existing curbs. "There is a decline in demand. OPEC cannot keep over-producing," Shahristani told reporters..... Full Article: Source

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