The Organisation for Petroleum Exporting Countries (OPEC) could delay cutting its production from January 1st to boost sagging prices, an OPEC source said today.
The source confirmed the cartel will meet on December 28th in Cairo to discuss the matter.
OPEC agreed in mid-November to cut its production by 1.5 million barrels per day (bdp) from January 1st, on condition non-OPEC rivals cut by 500,000 bpd. Major non-OPEC producers, notably Russia and Norway, have offered to cut their production, but so far not by the combined 500,000 bpd demanded by OPEC. AFP