New oil output cut not to be ruled out, OPEC warns

The organization of Petroleum Exporting Countries –OPEC- has warned it could cut output again if prices keep tumbling despite an output reduction decided at an emergency meeting held last week in the Austrian capital Vienna.

• OPEC secretary General Abdellah Salem Al Badri said that the organization could hold a fresh emergency session before its next meeting scheduled for December 17 in Oran in western Algeria.
• El Badri told reporters outside an oil conference in London, that OPEC would convene a new session before the scheduled Oran meeting if the market situation deteriorated even further due to the global economic downturn.
• Crude prices rose 1.81 dollars to 65.03 dollars a barrel in electronic deals in New york on Tuesday, after sliding to 61.30 the day before.
• Brent North Sea crude was 1.29 dollars higher at 62.70 dollars a barrel.