| Last updated at: (Beijing Time) Tuesday, November 13, 2001 |
OPEC to Cut by "at Least One Million" bpd: President |
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OPEC will agree this week to cut output by at least one million barrels a day in a bid to restore prices of 25 dollars a barrel, the organisation's president, Chakib Khelil, said Tuesday.
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OPEC will agree this week to cut output by at least one million barrels a day in a bid to restore prices of 25 dollars a barrel, the organisation's president, Chakib Khelil, said Tuesday.
"The consensus is at least one" million barrels a day, Khelil told reporters on his arrival here for a meeting Wednesday at which the Organisation of Petroleum Exporting Countries (OPEC) is expected to announce the production cut.
The Algerian energy chief said the cutback could be higher but would not be drawn on how much higher. Other ministers have said production could be slashed by as much as 1.5 million barrels a day -- more than six percent.
OPEC also wants rivals outside its 11-nation cartel to play ball and announce similar-scale cuts, possibly up to 500,000 barrels a day. So far, of major exporters only Russia has come up with any concrete promise and that was for a symbolic 30,000 barrels.
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