Opec to take decision in December

Opec secretary general Abdallah El Badri said the organization will keep production and wait until December to take a decision. 

• “Opec will keep production and wait for December”, said El Badri Saturday in Cairo. Opec member countries were convened to for an emergency meeting on the sidelines of the Arab petroleum exporting countries meeting to discuss oil prices slump.
• Oil prices fell bellow $50 a barrel after record upsurge early this year when they hit $150 a barrel. The financial crisis and economic recession led to a shrinking demand in addition to stock building in the US.
• Opec had decided a production cut in the last meeting Vienna to stop price decline. The market has not since then reacted to the move as the barrel continued its fall. The record dives bellow $50 a barrel urged Opec to schedule a meeting in Cairo.
• Saudi Arabia King Abdullah said he sees $75 ideal price oil in the current situation. Opec has put the fair price between $70 and $90.
• Opec will meet again in Oran-Algeria for an emergency meeting to help stabilize the market and prevent price fall