OPEC: oil producers show realisation action needed on output

OPEC: oil producers show realisation action needed on output

OPEC Secretary-General Mohammed Barkindo sees a growing understanding inside and outside the oil producers' group that action is needed to manage crude production in order to support prices.

"There is growing realisation within OPEC and outside that producers inside and outside must take more proactive stands in relation to production management in order to complement traditional market forces," Reuters cited him as saying.

"We have seen where the approach of non-intervention in prices since 2014 has led," he said.

Asked about the possibility of an agreement on freezing production levels, he said: "Nothing is impossible in the current situation, and I know that no country in OPEC is immune to low prices."

 Saudi Energy Minister Khalid Al-Falih, in turn, said does not believe any significant intervention in the market is necessary.

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