OPEC President Abdullah bin Hamad al-Attiyah said the cartel could cut output again in June to stabilize oil prices. Last month OPEC decided to cut actual output while raising output quotas. "There is too much oil on the market, and this has a bad influence on prices, which have fallen drastically," Mr. al-Attiyah said in an interview with French daily Le Monde. "OPEC must cut its production further." OPEC agreed last month to raise its output ceiling by 900,000 barrels a day, or 4%, while agreeing to rein in overproduction entered into by the group to head off a supply disruption during the war in Iraq. OPEC said it would cut two million barrels a day from its actual production despite the rise in quotas.
The United States and Britain on Friday presented their case to the U.N. Security Council for ending 12 years of U.N. sanctions against Iraq, potentially paving the way for Iraqi supply to return next month.