Opec will cut out put in Vienna, Khelil says

The organization of petroleum exporting countries Opec is expected to cut production in the next extraordinary meeting to be held in Vienna in November 18.   

• The president of Opec Chakib Khelil said today. “we are very likely to cut production in the Vienna meeting due to the fall of prices.
• The barrel prices dropped bellow $90 for the first time, since years, sparking concern among Opec member countries as international oil demand shrunk dramatically.
• In Vienna opec is going to discuss the impact of the international financial crisis on demand. The reducing demand will lead to a fall of prices which already started in the international market.
• The November 18 extraordinary meeting will not replace the Oran (Algeria) meeting. In Oran other decisions will be taken according to President Chakib Khelil who is also Algeria oil minister.