OPEC Ready to Talk to Other Producers to Get `Fair' Price
- Producer group sees 'no quick fix' for market instability
- Non-member nations would have to share burden of supply cut
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OPEC, the producer of 40 percent of the world’s oil, renewed its readiness to talk to other crude exporters to achieve “fair and reasonable prices,” according to the group’s monthly magazine. Oil jumped to the highest in a month on the report.
“There is no quick fix, but if there is a willingness to face the oil industry’s challenges together, then the prospects for the future have to be a lot better than what everyone involved in the industry has been experiencing over the past nine months or so,” said the opening commentary in the OPEC Bulletin published Monday on the group’s website. “As the Organization has stressed on numerous occasions, it stands ready to talk to all other producers.”