OPEC may not need to cut supply further when ministers meet on Sunday as the oil market is showing signs of recovery after a $100 price collapse, an OPEC delegate said on Wednesday.
"Signals from the market are positive," the delegate told Reuters by telephone. "The market is feeling the effect of OPEC's cuts so far, it is tightening. If everything is going in the right direction, probably this is an indication we shouldn't rush into another cut decision."
If bearish news in coming days leads ministers to decide a cut is necessary, they may consider a modest cut of around 500,000 barrels per day, he said.
The Organization of the Petroleum Exporting Countries (OPEC) has since September agreed to cut output by 4.2 million bpd, around 5 percent of global supply.
The group has delivered about 80 percent of the pledged reductions in February, according to a Reuters survey. more...
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