Al-Nasseri: 'too early' to put numbers to January output cut

United Arab Emirates Minister of Petroleum and Mineral Resources Obaid Din Saif Al-Nasseri Tuesday echoed his Organization of Petroleum Exporting Countries colleague Kuwaiti Minister of Oil Saud Nasser Al-Sabah in signaling a production cut was possible in January, according to a report by the organization's news agency, OPECNA.

But, unlike Al-Sabah�who foresees output being slashed by 1 million b/d�Al-Nasseri said it was "too early to mention specific figures" for such a reduction.

"All options are open," said Al-Nasseri. "We don't rule out any possibility of production cuts when we meet next month," stressing that any OPEC action would depend on price and crude stock levels.

Al-Nasseri said OPEC was "concerned" by a price decline that has been "very much exaggerated as it took place in a very short period."

The potential for a collapse in crude prices in the spring, he remarked, was "possible, especially if production rates continue at their current rates."

"It is for the next OPEC meeting [on Jan. 17] to discuss means of avoiding a major slump, similar to that witnessed during 1998 and early 1999," the minister said, adding that he welcomed cooperation between OPEC and non-OPEC producers, including Mexico and Norway, as a means of "maintaining price and market stability."

"We are in the same boat. Our common goal is to reach a reasonable and fair price," Al-Nasseri said. "This sort of cooperation gives more credibility to the market and serves the interests of producers and consumers alike."