VIENNA — OPEC ministers called Saturday for an end to overproduction by some members as they sought to slice nearly a million barrels per day from world supply and boost prices — but without further shocking the anemic global economy.
Their comments suggested that today’s oil ministers’ meeting of the 12-nation Organization of Petroleum Exporting Countries might opt for a call on all members to honor production quotas, instead of slashing output outright.
Slashing production could raise prices in the short term, but it could lead to further depressing demand. OPEC cuts agreed on since September were meant to take a daily 4.2 million barrels off the market. But the 11 members under production quotas still overshoot their joint daily target level of just under 25 million barrels by about 800,000 barrels. The Associated Press
