The Organization of Petroleum Exporting Countries (OPEC) is unlikely to cut production to support oil prices until it sees output declines in the United States, Russia and Iraq, an energy consultant said Thursday. Oil has risen about 50 percent from 12-year lows hit less than two months ago after Saudi Arabia, Qatar and Venezuela, along with non-OPEC exporter Russia, pledged to freeze supply at January’s levels if others cooperated. The U.S., Russia and Iraq are three of world’s top five oil producers. “Everybody knows at some point in time you have to cut but the time hasn’t arrive and it is highly unlikely to be in the near future,” Fereidun Fesharaki of energy consultancy FGE said at the Thomson Reuters Asia Petroleum Lunch. “What they want to […]