The Organization of Petroleum Exporting Countries (OPEC) will not limit its oil production, an official said this weekend but there may be more cuts coming for Chinese copper smelters.
OPEC in the New Year
OPEC will stick to its decision on Dec. 4 to maintain a policy of not limiting production, despite the drop in global prices, Iraq’s oil minister said on Sunday, adding that any output reduction aimed at boosting prices would have to be coordinated with non-members.
“We are in a real world, OPEC is not the only producer or the only player. So we have to see what the decisions of others should be — Russia and the United States and other producers,” Adel Abdul Mahdi told Reuters on the sidelines of an Arab oil producers’ meeting in Cairo.
Chinese Copper Smelters Might Cut More Production
9 Large copper smelters in China have agreed that they could deepen planned production cuts next year beyond 350,000 metric tons proposed earlier if prices and profitability deteriorate, an executive at one of the smelters told Reuters on Saturday.