The Organisation of Petroleum Exporting Countries (OPEC) plans to cut oil output again to check rising fuel stocks in consumer nations and to restore stability in the global market."OPEC will address the growing concerns of oil exporters at its meeting on December 14, and will decide a future course of action," Ali Al-Naimi, Saudi Arabian Minister of Petroleum and Mineral Resources, was quoted as saying by the Arab news.However, Naimi said that oil prices were not a decisive factor every time, the newspaper reported today.On the measures being taken by OPEC to stabilise the oil market and address the sharp fall in prices, Naimi said, "We will first assess the impact of the measures that were decided at the Doha meeting last month and if they serve the purpose of bringing stability in the global market, then we will not act. But, if these measures fail, then further cuts cannot be ruled out." The newspaper reported, he also referred to the oil stocks in the industrialised countries when asked about the high inventories in the US. The continuation of stockpiles will be leading to an imbalance in supply and demand fundamentals.At the Doha emergency meeting, OPEC responded to a 25 per cent slump by cutting output by 1.2 million bpd from November 1.
