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OPEC chief Luaibi hints at reducing oil glut

OPEC's president signaled on Monday it could act to reduce a glut of oil that has knocked the price down towards double digits, but said it was unlikely to set individual country production quotas at a meeting this week. Abdul Kareem Luaibi, who also serves as oil minister of Iraq, said maintaining the price at […]

Peg Mackey reports for Reuters:

OPEC's president signaled on Monday it could act to reduce a glut of oil that has knocked the price down towards double digits, but said it was unlikely to set individual country production quotas at a meeting this week.

Abdul Kareem Luaibi, who also serves as oil minister of Iraq, said maintaining the price at $100-$120 a barrel was "reasonable and acceptable", but repeatedly declined to specify what action if any OPEC might take when it meets on Thursday.