Opec may cut out put in December

Opec may cut out put again in its next emergency meeting due to be held in Oran-Algeria in December 17, said Chakib Khelil president of the organization.

• Chakib Khelil, who is also Algeria oil minister, told reporters today in Algiers the member countries will examine in Oran an eventual production cut to check oil prices decline.“we assess the market move and agree on decision to stabilize prices between $70 and $90 a barrel”, he said.Regarding the implementation of the previous cut decision the president of Opec asserted that organization will check the situation by the end of the year. He confirmed that Saudi Arabia is fully backing the decision made in Vienna. However it will take time for the world largest producer to reduce 1 million barrels a day as decided in the last meeting, specified Khelil. He relies on the Saudi move to influence the prices in the international market. Oil prices slumped bellow $ 60. Exporting countries like Venezuela and Iran expressed concern over a price fall which will seriously affect their revenues. They called for an additional out put cut to halt the decline. The International Energy Agency is expecting Opec member countries investment insufficient to meet world energy demand by 2030. They called for an investment increase in the near future.Opec members are investing som $120 billion in the exploration and refining sectors, said Khelil. They are not able to go beyond in the current financial crisis, he added.