CARACAS, VENEZUELA - OPEC is unlikely to adjust production in its March meeting, the organization's secretary general said Thursday, adding he expects oil prices to remain at current levels through the first half of the year.
``I don't think there will be a reduction,'' Ali Rodriguez told local Union Radio from Vienna, Austria, where OPEC's headquarters are.
The Organization of Petroleum Exporting Countries trimmed its collective production by 1.5 million barrels a day in January in an effort to stem a slide in oil prices.
Rodriguez said the cartel may consider adjusting production at its September meeting or call an emergency meeting before then under extraordinary circumstances.
Oil prices have rallied recently amid rumors of a possible U.S. attack on Iraq and expectations of a decline in crude oil inventories. On London's International Petroleum Exchange, Brent crude oil for April delivery rose 22 cents to close at $21.07 a barrel. Light, sweet crude for April delivery rose a penny to $21.30 in midday trading Thursday on the New York Mercantile Exchange.
Saturday
January 11th, 2025
8:08AM
