OPEC members should wait until next month before deciding on further cuts in their crude oil output, Nigerian Oil Minister Edmund Daukoru said yesterday.
OPEC members have already reduce their output by 1.2 million barrels a day and plan to enforce another cut of 500,000 barrels a day starting next month.
The cuts are aimed at keeping oil prices falling too much in the face of weak demand and increased production by non-OPEC countries.
Asked whether there is a need for additional cuts in OPEC supplies, Daukoru said: "We cannot judge the market right now. We'll have to wait till Feb. 1," he said.
Daukoru was New Delhi to attend an international conference on energy.
Pressed on whether OPEC's output cut totaling 1.7 million barrels a day would be sufficient to buoy prices, he told Dow Jones Newswires: "I don't know. February is not yet here. When we implement [the February cuts] ... we will see how the market is going to react."
His comments, which echoed similar views expressed by the Kuwaiti oil minister on Monday, highlighted divisions within the cartel on whether it needs to act now to try to put a floor under oil prices.
On Monday, Venezuelan oil minister Rafael Ramirez said his country was pushing for an emergency OPEC meeting and that some members backed this idea.
Saudi Arabia, which has so far kept a public silence on the issue, holds the key in tilting any decision within the OPEC. The kingdom's oil minister, Ali Naimi, was also attending the conference in New Delhi.
Daukoru said oil prices had been softening because of milder-than-usual winter weather and substantial oversupply in the market.
BRIBERY CASE: President Tsai Ing-wen accepted Su Jia-chyuan’s resignation as he said that he deeply regretted causing trouble for the president due to the investigation Presidential Office Secretary-General Su Jia-chyuan (蘇嘉全) yesterday resigned after his nephew, Democratic Progressive Party (DPP) Legislator Su Chen-ching (蘇震清), was implicated in a bribery case related to a dispute over the ownership of Pacific Sogo Department Store (太平洋崇光百貨). “I resigned from the post so that President Tsai Ing-wen (蔡英文) would not be bothered by it anymore, and the prosecutors can investigate the case in a fair and just manner. I thank President Tsai once again for supporting me. May the country continue to prosper under her leadership,” Su Jia-chyuan said in a statement. The Presidential Office said that Tsai has accepted
ALEX AZAR: The first visit by a head of the Department of Health and Human Services would strictly observe the CECC’s special regulations, the Ministry of Foreign Affairs said US Secretary of Health and Human Services (HHS) Alex Azar is to lead a delegation to Taiwan — the highest-level visit by a US Cabinet official since the two sides cut formal relations in 1979. The plan was announced yesterday morning by the US Department of Health and Human Services and confirmed by the Ministry of Foreign Affairs (MOFA). Beijing has expressed its concerns to Washington, Chinese Ministry of Foreign Affairs spokesman Wang Wenbin (汪文斌) said later yesterday. Taiwan and the US only issued statements saying that the visit would happen “in the coming days.” MOFA said that due to security concerns, it would
‘CROSS-STRAIT CONSIDERATIONS’: Groups said that the Ministry of Education’s policies excluded Chinese and students should not be blocked over political issues The Taiwan International Student Movement yesterday said it would protest today outside the Ministry of Education in Taipei against a policy that excludes some Chinese students from returning to Taiwan amid the COVID-19 pandemic. Since June 17, the ministry has allowed foreign students from 19 “low risk” and “medium-low risk” countries and regions to enter Taiwan. On July 22, it announced that it was relaxing restrictions to include students from all countries and regions who are graduating this semester and on Wednesday it further expanded entry to students enrolled in degree programs. A letter sent by the ministry on Wednesday to universities did
The military last week sent “no small number” of Marine Corps officers to the Pratas Islands (Dongsha Island, 東沙群島) following reports of a Chinese People’s Liberation Army (PLA) drill targeting the islands scheduled for this month. In an interview with Hong Kong’s Bauhinia Magazine published on Saturday last week, PLA National Defense University professor Li Daguang (李大光) confirmed that the Chinese army was planning to stage a simulated invasion of the Pratas Islands in the South China Sea this month. The islands comprise three atolls, with Pratas Island, at 1.74km2, being the largest. They lie southwest of Taiwan proper in the South