January 29, 2009
OPEC calls production cuts possible
OPEC Secretary General Abdalla Salem El-Badri told world leaders in Switzerland that oil priced at $50 a barrel would not fund new oil field development.
Members of the Organization of Petroleum Exporting Countries
I hope the price will pick up "¦ a $50 price will not permit us to invest, he said at the World Economic Forum in Davos, Switzerland, Thursday, The Times of London reported.
are not happy with $40, even $50 a barrel,he said.
He said OPEC members
will not hesitate to take some quantity out of the market, if prices continue to fall.
Oil was priced at $41.20 on the New York Mercantile Exchange Thursday morning.