HS: OPEC wants oil over $70-Hayat quotes OPEC source
VIENNA, Oct 24 (Reuters) - OPEC is expected to cut its output by around 1 million barrels per day (bpd) when it meets on Friday to keep oil prices above $70 a barrel, Saudi-owned Gulf newspaper al-Hayat said, quoting an OPEC source.
An OPEC source told Reuters on Thursday that the group's Gulf members favoured a 1 million bpd OPEC output cut.
'The source expected the reduction to be about one million barrels per day so prices do not go to lower levels and have a negative impact for projects,' Al Hayat said.
Demand for OPEC's oil could be cut by 1 million bpd or up to 1.5 million bpd if an economic recession took grip around the world, the OPEC source said.
'OPEC does not want prices to go less than $70 a barrel,' the paper quoted the source as saying. OPEC did not want its production policy to have a neagative impact on the world economy, it said.
(OPEC newsroom +431 712 0747)
Keywords: OPEC HAYAT
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