Current Opec president Jose Maria Botelho de Vasconcelos of Angola said Monday the oil cartel could decide to cut output again this month. "If it proves necessary, we will decide again, at our meeting in mid-March on a production cut," de Vasconcelos told the German magazine Der Spiegel.
The Organisation of Petroleum Exporting Countries has scheduled a meeting during the coming weekend in Vienna. Opec members Algeria and Venezuela have already called for output to be reduced. In late 2008, the oil cartel agreed to lower overall production by 4.2 million barrels from the level in September. A global economic slump has nonetheless maintained oil prices below the level sought by producing countries.
On Monday, oil traded for between 44-45 dollars a barrel. "The target we want to reach is around 75 dollars a barrel," de Vasconcelos said. "I admit that will be somewhat of a challenge this year," he added.
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