OPEC to cut output by 520,000 bpd
10/9/2008 17:20
The Organization of Petroleum Exporting Countries (OPEC) oil ministers
have decided to cut the group's output by 520,000 barrels per day (bpd) in the
next 40 days, OPEC President said today.
Chakib Khelil, who is also Algerian
oil minister, said "I think if you do your own calculation properly, it will be
a lowering of production by about 520,000 barrels per day," Khelil
said.
OPEC's new output ceiling is 28.8 million bpd.
At a meeting last
night, OPEC oil ministers voiced concerns over the plummet of oil prices from
nearly US$150 per barrel in July to US$102 yesterday.
The next OPEC
ministerial meeting will be held on Dec. 17.
Xinhua
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