OPEC to Cut Oil Production to Control Price Drop
Posted on: Wednesday, 29 October 2008, 09:00 CDT
In order to control the plunging petrol price, the Organization of Petroleum Exporting Countries has decided to decrease the current OPEC-11 production ceiling of 28.808 million barrels a day by 1.5 million barrels a day, effective November 1, 2008.
The member countries of the Organization of Petroleum Exporting Countries (OPEC) have reportedly emphasized their commitment to ensure that the volumes they supply to the market are reduced by the individually agreed amounts.
This decision will be reviewed at the extraordinary meeting of the conference of the OPEC scheduled on December 17, 2008. In the interim, the conference has requested the secretariat to continue to closely monitor the market.
The conference has also pointed out that the OPEC cannot be expected to bear alone the burden of restoring equilibrium and it called on non-OPEC producers or exporters to contribute to efforts to restore prices to reasonable levels and eliminate fluctuations.
Source: Datamonitor
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