OPEC has consensus to cut output in March

The Organization of Petroleum Exporting Countries has ruled out any change in production at its meeting this week but has a consensus to cut output in March, oil ministers from Venezuela and Saudi Arabia said Monday.

Saudi Arabia's Ali Naimi, one of the most influential voices in OPEC, said that all 11 OPEC members agreed they will keep the daily output quota unchanged at 28 million barrels when they meet Tuesday.

Asked if they had reached consensus on keeping output steady, he replied: "Yes, we're all in agreement."

Venezuelan oil minister Rafael Ramirez said: "There will be no cut at this meeting."

Qatari oil minister Abdullah bin Hamad al-Attiyah said that "all options are open" for the March meeting, while Ramirez said that OPEC had reached a consensus to be ready for a cut.

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