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OPEC willing to cut output: Qatar energy official

A top Qatari energy official says OPEC is watching the market closely and is prepared to cut output further to halt the slide of oil prices when it meets next month.

business Updated: Feb 15, 2009 22:28 IST

A top Qatari energy official says OPEC is watching the market closely and is prepared to cut output further to halt the slide of oil prices when it meets next month.

Mohammed Saleh al-Sada, Qatar's minister of state for energy and industry affairs, says the Organisation of Petroleum Exporting Countries "will respond appropriately" to the rapid drop in oil prices.

Speaking to reporters on Sunday on the sidelines of a conference in Doha, al-Sada said "if there is a need, actually, to go down, they will not be hesitant to reduce it further." The official, who ranks below Qatar's delegate to OPEC, adds the oil-producing group faces difficulties in setting output because of the "unusual situation" of extreme volatility in the market.