Opec will cut out put in Vienna, Khelil says
Oil bellow $90
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.
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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.
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The barrel prices dropped bellow $90 for the first time, since years, sparking concern among Opec member countries as international oil demand shrunk dramatically.
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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.
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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.