?T&T was rep­re­sent­ed at last Sat­ur­day's meet­ing of non-OPC oil pro­duc­ers where there was an agree­ment to re­duce out­put by 558,000 bar­rels a day to help end the sup­ply glut which has sent glob­al oil prices tum­bling.

Al­though less than the tar­get­ed 600,000 bar­rels it was the largest ever con­tri­bu­tion to pro­duc­tion cuts by non-OPEC mem­bers and fol­lowed an agree­ment last month by OPEC to cut pro­duc­tion by 1.2m bar­rels a day from Jan­u­ary 1.

So far there has been no in­di­ca­tioon what cut­backs, if any, T&T will make. This coun­try's oil pro­duc­tion cur­rent­ly hov­ers ataround 60,00 bar­rels a day. Prime Min­is­ter Dr Kei­th Row­ley last week al­layed fears that T&T would be forced to make any ma­jor cut­backs, if at all.

Since the week­end agree­ment, oil prices have surged to a 17-month high.

Mean­while, in a re­port re­leased yes­ter­day, the In­ter­na­tion­al En­er­gy Agency (IEA) said OPEC oil pro­duc­tion climbed to a record high last month, in the days and weeks lead­ing up to the glob­al deal to slash out­put.

The IEA said "the next few weeks will be cru­cial in de­ter­min­ing if the pro­duc­tion cuts are be­ing im­ple­ment­ed and whether the re­cent in­crease in oil prices will last."