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OPEC to Modify Oil Production Plan to Stabilize Price
The Organization of Petroleum Exporting Countries (OPEC) will either cut or increase oil production to maintain international oil prices which range between 22 and 28 U.S. dollars per barrel, OPEC President Chakib Khelil said Friday.
Chakib Khelil made the remarks in the Spanish city of Palma de Mayorca during a meeting on energy liberalization organized by the Spanish-Argentine joint oil company, Pepsol-YPF, and U.S. Harvard University,
He said that the main target of the OPEC is to satisfy world fuel demand.
OPEC controls 40 percent of the world oil market and it has turned into one of the main regulation factors on international oil market.
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