OPEC Secretary General Abdalla el-Badri has stated that OPEC is still concerned over the fall in oil prices even though OPEC members just recently agreed to cut production by 1.5 million barrels/day. el-Badri also said that another emergency meeting of OPEC representatives may be called to address the issue before the scheduled December OPEC meeting in Algeria. el-Badri went on record saying that if oil prices dipped below $70/barrel, all future energy projects would be in jeopardy and called on other large non-OPEC producers like Russia and Mexico to cut their production as well. The biggest cut will come from OPEC kingpin Saudi Arabia, which will trim output by 466,000 barrels/day. The Kingdom, which raised supply unilaterally by around 500,000 barrrels/day between June and August this year to meet what it said was higher demand from its customers, already has implemented some cutbacks as demand subsided. The volatile global economic crisis is certainly hurting the oil market and OPEC is committed to stabilizing oil prices.
See the article here with Lexis Nexis Access.
OR
See a copy of the article here. -V
No comments:
Post a Comment