OPEC Likely to Keep Output Unchanged at September Meeting:VenezuelaVenezuelan Energy and Mining Minister Alvaro Silva Calderon said Monday in Caracas that the Organization of Petroleum Exporting Countries (OPEC) is likely to leave oil production unchanged when the cartel meets on September 26.Silva told a press conference that the organization is not likely to cut production as it has in mind both the need for market stability and the interests of both producing and consuming countries. OPEC began implementing a 1-million-barrel-a-day production cut on September 1, aiming at keeping the prices of at 22-28 U.S. dollar a barrel. The prices of the seven crude oils stood at 25.20 dollars a barrel on Monday. He said his country will participate in OPEC's September 26 meeting in Vienna. Some non-member nations will also attend the meeting. The 11-member organization produces 36 percent of the world oil. It has cut production on many occasions since April 2000 to shore up declining crude prices in the face of global economic recession. |
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