Kuwait says OPEC should cut oil production by two million barrels

Nicosia, Dec.13 (ANI): Moussa Maarafi, a member of the Kuwaiti Supreme Petroleum Council, has said that the Organisation of Petroleum Exporting Countries (OPEC) at its meeting in Algeria next week should take a decision to cut oil production by two million barrels a day (b/d).

Maarafi added that the oil cartel needs to set up a new mechanism to control oil markets if it wants to raise oil prices to 75 dollars a barrel and stressed the need for coordination among all the members of the organisation.

OPEC should now rethink its policy, he said, taking into account the interests of both producers and consumers. He also stressed that OPEC and Russia, the world's biggest non-OPEC producer, should coordinate their moves.

It should be noted that although OPEC Ministers last October had taken a decision to reduce oil production by 1.5 million barrels a day, it is believed that about one third of its members failed to honour their commitment.

Last Thursday, Russian President Dmitry Medvedev said that Russia would do anything, from cutting oil production to joining OPEC, to defend its national interests and push up energy prices.

After months of talks between OPEC and Moscow, Medvedev's statement was the first to suggest formal membership. By Iaonnis Solomou (ANI)