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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: OPEC hardliners hint at cuts on eve of meeting AFP - Sunday, March 15 VIENNA (AFP) - - The OPEC oil cartel readied Saturday for an oil output meeting amid hints from hardline members Iran and Venezuela that they may seek another production cut to boost weak crude prices. ADVERTISEMENT OPEC, whose 12 member states hold a regular output meeting here on Sunday, also faced renewed calls to fully implement last year's deep cuts that were targeted at boosting prices amid a widening global recession. However, analysts warned that the Organization of Petroleum Exporting Countries (OPEC), which pumps 40 percent of crude oil supplies, runs the risk of worsening the global economic downturn. The price of oil has slumped by more than 100 dollars since rocketing to record high points above 147 dollars per barrel last July. In turn, that has slashed precious crude revenues for OPEC. Iran's Oil Minister Gholam Hossein Nozari said Saturday that there was "too much oil" on the market, hinting that he could seek to lower output. "Of course, there is too much oil," Nozari told reporters after his arrival in Vienna. But Nozari did not specify whether he would call for a new production cut on Sunday. "We'll review the market and then we decide," he added. Iran, the cartel's second largest oil producer after kingpin member Saudi Arabia, pumps approximately four million barrels of oil per day. The worldwide financial crisis and accompanying credit crunch has meanwhile plunged consumer nations like Britain and the United States into recession, slashing the world's demand for energy. "The economic situation worldwide is worse than anybody supposed it to be," said Venezuelan Energy Minister Rafael Ramirez on Friday, adding: "We have a very bad situation with demand. Demand is destroyed." As a result, Ramirez said he was appealing for OPEC members to comply "100 percent" with recent cuts to address oversupply in the market. OPEC, which is headquartered in the Austrian capital, agreed late last year on cuts to reduce output by 4.2 million barrels per day. There is "a very good level of compliance but we are going to work to have 100 percent of compliance" to boost weak oil prices, Ramirez said after arriving in Vienna on Friday. Kuwaiti Oil Minister Sheikh Ahmad Abdullah al-Sabah, quizzed by reporters about the choice between slashing output or looking for greater compliance to stop oil prices falling, said Friday: "It's to be decided." "We have to see compliance," he added. Saudi Arabia has already signalled that it wants to assess the level of compliance before committing to more cuts. Ahead of the weekend, the International Energy Agency (IEA) -- which represents oil consumers -- warned in Paris that a further cut in output would accelerate the global economic crisis. At the same time, OPEC on Friday expressed its fears about low oil prices, which have tumbled from last year's record heights to around a mid-40-dollar range as a vicious global economic downturn slams demand for energy. Before the weekend, crude oil prices slid Friday from a strong rally the previous day as the market awaited the outcome of the OPEC meeting. But analysts said that cutting output could prove counter-productive for the influential cartel. "Higher prices in the short-term would delay any economic recovery and increase the pace at which various consuming nations develop more efficient technology and move to alternate fuels," said WTRG Economics analyst James Williams. "Furthermore, OPEC doesn't want to be blamed for extending a recession partly caused by high energy prices," he added. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo An attendant cleans a gas pump at a Petron petrol station in Manila. The OPEC oil cartel readied for an oil output meeting amid hints from hardline members Iran and Venezuela that they may seek another production cut to boost weak crude prices. Most Popular – Top Stories Viewed For sale: nagging wife, very high maintenance World Bank warns of "very dangerous" year ahead Obama program helping US economy: Summers Chimp used planning skills to attack humans VW reveals race to overtake GM, Toyota View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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