Current OPEC President and Nigerian Oil Minister Edmund Daukoru has said that further cut in oil production is likely during the organization's Dec. 14 meeting in the Nigerian capital of Abuja.

"There is likely to be some further trimming. The actual amount (to be cut) would depend on circumstances," Daukoru said on Friday in Abuja when briefing reporters.

The Organization of the Petroleum Exporting Countries (OPEC) had in October agreed to cut 1.2 million barrels per day since Nov. 1 at an emergency meeting in Doha, Qatar.

According to Daukoru, the international crude oil market no longer responds to geo-political tension like in the past, but rather to market fundamentals.

World crude prices climbed above 61 dollars per barrel on Tuesday ahead of expected colder weather in the United States and an output cut by OPEC in mid-December.

Source: Xinhua