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  Tuesday, September 17, 2019
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A member of Kuwait's top advisory body on oil issues
A member of Kuwait's top advisory body on oil issues has called on OPEC to cut production by 1.5 million to 2 million barrels a day, the Al-Kabas daily reported on Saturday.

In an interview published by the paper, Musa Maarafi said that the 1.5 million barrel decrease in daily output, which was agreed in October and came into effect in on November 1, had been "insufficient."

The Organization of Petroleum Exporting Countries is set to hold an extraordinary meeting in Algeria on December 17 to decide on further reductions in production.

Russian President Dmitry Medvedev said on Thursday that Russia could join OPEC in cutting output, and suggested the country could join the oil cartel given the importance of oil prices to the economy and government finances.

Maarafi emphasized the necessity of the "coordination of action with such influential non-OPEC countries as Russia."

He said that a price of $40 a barrel - which crude has neared in recent weeks - would restrict investment in extraction and said $75 per barrel was a fair price.

However, a cut of 2 million barrels per day might not be enough for Russia. A senior executive at Russia's largest independent producer said earlier on Thursday that a 2.5 billion-barrel cut was likely.

"If 2.5 million barrels a day, or 125 million tons a year, is taken off the market, the [crude] price could rise to $60-$80," LUKoil vice president Leonid Fedun said.

Russia and OPEC together account for more than half of global oil production.


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