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OPEC president wants “much more” than 1 million bpd cut

OPEC should cut oil output by “much more” than 1 million barrels per day as inventories were very high, OPEC President Chakib Khelil said in remarks published on Tuesday.

“I believe the meeting will take such a decision,” al-Hayat newspaper quoted Khelil as saying. “OPEC should take a decision to cut production by more than a million barrels per day because global stocks are very high.”

“Even a million barrels is not enough, it should be much more for the stability of markets,” he said, adding that the $75 a barrel price target set by Saudi Arabia's King Abdullah was a “fair price.”

OPEC ministers could make their deepest oil supply cut ever when they meet on Wednesday to combat shrinking demand, bulging stocks and a $100 collapse in prices. (Reuters)