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OPEC expects non-OPEC producers to cut output

27 April 2009 11:45 (UTC +04:00)

BakÄ±. Vahab Rzayev â€“ APA-Economics. OPEC members’ compliance with output cuts is excellent but the organisation still needs to remove 722,000 barrels of oil from the market to ensure full compliance, Reuters quoted OPEC’s Secretary General as saying on Sunday.

"There is an excellent compliance with the latest cuts but 722,000 barrels are still in the market. We need to remove them to ensure full compliance," Abdullah al-Badri told a news conference in the Algerian capital.

He also said the lower oil price has had a major impact on OPEC members’ investment projects. "There is a big impact. Of 165 planned projects we have delayed 35 projects to 2013."
The oil price of $50 a barrel is not sufficient to be able to invest in sustaining production levels, he added.
Al-Badri said the organisation was not satisfied with the current oil price, and that it hoped non-OPEC producers would reduce their output to help stabilise the oil market.