OPEC president dismisses need for oil output cut

OPEC president and Kuwait’s energy minister said on Saturday he saw no need now for telephone consultations between members of the cartel over a possible oil output cut ahead of its next meeting in March.

“Until now, I don’t think there’s any need for any consultations,” Sheikh Ahmad al-Fahd al-Sabah said.

Asked what would prompt OPEC to lower output ahead of the March meeting, Sheikh Ahmad replied: “The prices. If we see the prices falling too much.”