OPEC chair: Oil output should not be cut further

Energy
The President of the Organization of Petroleum Exporting Countries (OPEC) considers that the group should not cut output when it meets next March 15, and it rather should take time to assess the impact of record curbs made so far, OPEC sources said on Wednesday.

The sources added that other countries believe that it is still too early to make a decision.

"Angola, as president of OPEC, will propose at the meeting in March not to implement more cuts," said the source, as reported by Reuters.

Meanwhile, Ecuador sees no need for the OPEC to reduce output, Wednesday said Oil Minister Derlis Palacios.

Last February 25, Venezuelan Finance Minister Alí Rodríguez Araque said that Venezuela would suggest an additional output cut at the OPEC meeting to be held in March, with a view to boost the price of crude oil.