All options are open," he said. "If oil prices fell below $ 60 it will disturb OPEC as it could damage their budgets. But there is no guarantee that if OPEC cut output the prices will improve." The SPC is Kuwait’s highest decision-making body and oversees the OPEC-member’s oil policy.
US crude was trading at $ 60.46 a barrel yesterday, down from a 2009 of $ 73.38 by the end of June. The weaker dollar and a small rebound in oil demand should stop the oil price from falling much more this year, Atiqi said. Oil slid $ 115 from its peak at over $ 147 in July 2008 to a trough in December as the slowing global economy burned less oil.
OPEC agreed last year to cut output by 4.2 million bpd, equal to about 5 percent of daily world demand, from its output levels to prop up slumping prices. OPEC has kept output targets steady to date this year.