150th (Extraordinary) Meeting of the OPEC Conference, 10/24/08

In order to discus the financial crisis, the conference of Organization of the Petroleum Exporting Countries meet at OPEC headquarters in Vienna Australia. The convention recognized that this world economical crisis has already reflected upon demand for energy linking oil a priority matter. OPEC leaders noted that oil prices have fallen placing in jeopardy the current alternative projects and potentially resulting in “a medium-term supply shortage.” Given the circumstances the Conference will continue to provide for consumers although they have decided on a production ceiling. OPEC producer countries will reduce their28.808 million barrels a day output by 1.5million barrels per day. This will be effective November 1, 2008 with allied member countries commitment to only reduce their supply by that agreed amount. The convention recognized the Organization’s commitment as a supplier but called on non OPEC producers and exporters to continue contributing in efforts to restore equilibrium.

Country: Decrease (b/d)
Algeria: 71,000
Angola: 99,000
Ecuador: 27,000
I. R. Iran: 199,000
Kuwait: 132,000
Libya: 89,000
Nigeria: 113,000
Qatar: 43,000
Saudi Arabia: 466,000
U.A.E.: 134,000
Venezuela: 129,000

Total: 1,500,000

See the article here. -S