New Delhi-Saudi Arabian oil minister Ali Naimi said January 16 that there was no need for OPEC to hold an emergency meeting as the cartel's efforts to rein in crude production had already brought oil markets close to equilibrium.Output cuts totaling 1.7 million b/d were "working very well,"with consumer inventories having been drawn down to the tune of 100 million barrels in the final quarter of last year,Naimi told reporters on arrival in the Indian capital New Delhi for an energy conference.
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