Opec Will reduce Production By 1 or 2 mb a day: Khelil
Khelil
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Opec will reduce production by 1 or 2 million barrels a day, said the president of the organization Sunday on the Algerian TV
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“there is a consensus within opec to reduce production, but there is no agreement on how much to cut”, he said.
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Khelil ascribed oil prices slump to economy recession which led to a decrease of demand. He also warned against the persistence of the situation to 2009.
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He called on non-Opec countries to hold responsibility, in stabilizing oil market. They have to adopt coordinated measures with Opec, as he put.
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However, he expects China to boost demand by some 700 000 barrels a day in 2009 which is not enough to face up with the tough situation in the first quarter of next year.