Opec unlikely to cut supply further

THE ORGANISATION of the Petroleum Exporting Countries (Opec) is unlikely to agree to new cuts in production at its ministerial meeting in Vienna this week, although it is expected to extend already agreed cuts in supply.

One senior official at Opec, which is struggling to cope with one of the worst ever slumps in oil prices, said: "Maybe we can look at it [the issue of production cuts] again in March, but first we need to see compliance delivered on what has already been agreed." Opec has already agreed to cut production by 10 per cent, but this has failed to stop Brent crude oil slumping to its lowest level since the mid 1970s.