OPEC hawks come round to merits of riding out oil slump

LONDON: OPEC members which backed an output cut at the group's meeting last month are coming around to the view of Saudi Arabia that they need to focus on market share, further reducing the chance of any action to defend prices.

While Venezuela - which campaigned for output cuts in the run-up to the Nov. 27 meeting - has continued to call for measures to prop up prices, other nations which usually back such action such as Iran and African members have been silent.