OPEC President Chekib Khelil
OPEC President Chekib Khelil said yesterday that if oil prices do not rally in response to the 1.5 million barrel/day cutback that OPEC agreed to in their last meeting, more cuts in production will follow. Khelil expressed that he hopes the recent cut will bring prices up and stabilize the oil markets in such a way that is suitable to both oil exporting nations and consumer nations. Unfortunately, the global economic crisis has not been kind to oil prices as they have still been on the decline. Accroding to Khelil, OPEC will most likely continue cutting production in order to maintain a balance between supply and demand through the beginning of 2009. Further decisions regarding production policy will be made at OPEC next meeting in Oran, Algeria on December 17, 2008.
See the article here. -V
See the article here. -V
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