The Organization of Petroleum Exporting Countries will call for further compliance before considering any output cut if oil falls below $70 a barrel, a member of Kuwait’s Supreme Petroleum Council said Tuesday.

“If oil goes into a sustainable decline below $70 for five to six weeks
OPEC will consider cutting but first they will demand compliance,” SPC
Member Imad Al Atiqi told Zawya Dow Jones in a telephone interview.

OPEC won’t lower production if crude remains in the $70-90 a barrel price range, Al Atiqi said.

Source: Dow Jones

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