United States considered that the decision of the Organization of Petroleum Exporting Countries (OPEC) to cut production 2.2 million barrels per day as of the beginning of next year was illustration of the “short-sighted” and called on the Organization of the obligation to provide adequate supplies to the markets.
The Organization of Petroleum Exporting Countries (OPEC) at a ministerial meeting in Algiers decided to reduce its oil production rate of 2.2 million barrels per day.
OPEC warned that it had made a significant reduction in production at a meeting in Algeria this month after oil prices tumbled to their lowest level in four years because of the global financial crisis.
Organization of Petroleum Exporting Countries (OPEC) prepares its next move after a meeting in Cairo on Saturday decided during which maintain the levels of supplies for the oil market unchanged, despite the sharp drop of crude prices and the threats contained in the budgets for the Governments of Member States.
Eighth meeting of the working group of the Organization of Arab Petroleum Exporting Countries OAPEC Started yesterday in Damascus to discuss possibilities of cooperation in the field investment of natural gas.
Organization of petroleum exporting countries /OPEC/ decided today to reduce oil output by 1.5 million barrels per day on the first of next November.
The Algerian news agency quoted OPEC President Chakib Khelil as saying that the next meeting of the Organization will examine the actions to achieve balance in the global oil market over the next six months increased to avoid excessive supply amid the deteriorating global financial.
OPEC said on Thursday that the average price of the standard basket of crudes fell on Wednesday to 77.38 dollars a barrel from 80.04 dollars on Tuesday.
OPEC lowered its expectations for growth in world demand for oil in 2008 for the sixth time this year in the latest indication that the slowing economy reduces energy consumption.
Opec oil ministers have agreed to curb their collective output by more than 500,000 barrels a day.
An Opec spokesman said members had agreed to cut excess production and “strictly comply” with a quota target of 28.8 million barrels per day.
