Opec cut next year 'understandable'

The head of the West's energy watchdog said he would understand an Opec oil supply cut in 2007 if the group found itself pumping crude that nobody wanted.

"At the beginning of next year if it appears that oil producing countries are producing stuff which is not bought by the market I understand that they should cut," International Energy Agency chief Claude Mandil told reporters on the sidelines of an oil conference in London today.

"Provided, of course, that the market is well supplied. Nobody is asking a producer to produce something which is not sold."

- REUTERS