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OPEC unlikely to cut oil output in Sept - delegates
LONDON/DUBAI (Reuters) - OPEC is unlikely to cut oil output further at its meeting next month if oil prices remain around current levels, two delegates from the producer group said on Tuesday.
"It is hard to predict now, but I don't think there is a need to do anything," said one of the delegates, who declined to be identified. "The market is OK."
The Organization of the Petroleum Exporting Countries meets on Sept. 9 in Vienna.
Oil prices have risen above $70 a barrel this week and for U.S. crude are close to the high for the year.
A second OPEC delegate said that while inventories were high, it would be difficult for OPEC to justify a further cut in output given the weak economy.
"Stocks are still high but crude stocks are not as high as before. Product stocks are high, especially middle distillates. Now winter is coming, so maybe middle distillate stocks will go down," the delegate said.
"How can you cut with this economy? The price is going up and down. It's still below $75. But if that is because of the economy, how can OPEC cut?
(For more news on Reuters Money click in.reuters.com/money)
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