| Friday, November 09, 2001, updated at 16:30(GMT+8) |
OPEC President Says Cartel Likely to Cut Output by 1 mln bpd |
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The OPEC oil producing cartel is likely to cut production by one million barrels per day, at a ministerial meeting in Vienna next Wednesday, OPEC President and Algeria's Energy Minister Chakib Khelil said on Thursday.
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The OPEC oil producing cartel is likely to cut production by one million barrels per day, at a ministerial meeting in Vienna next Wednesday, OPEC President and Algeria's Energy Minister Chakib Khelil said on Thursday.
"There is a consensus currently developing for an additional drop in production from what was decided last July," Khelil told Algerian state radio.
"There will likely be a drop of a million barrels per day," he added.
Asked whether the measure would halt the slide in world oil prices, Khelil said that would depend on whether non-OPEC countries such as Russia, Mexico, Norway and Angola decided to reduce output as well.
In Oslo, a Norwegian government official said that Saudi Arabia's oil minister, Ali al-Nuaimi, would arrive Tuesday, the eve of the OPEC meeting, in Norway.
On Monday OPEC Secretary General Ali Rodriguez predicted the cartel would "probably" cut production by one million barrels per day.
The 11-member cartel, which produces 40 percent of the world's crude oil, has struggled to react to a slump in crude prices since the September 11 attacks on the United States, which accelerated fears of worldwide recession.
Oil prices regained 20 dollars a barrel for the first time in a week Thursday in London, and rising above 21 dollars in New York.
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