Bank Of Baku

Indonesia leaves OPEC, organization cuts oil production by 520,000 barrels

 Indonesia leaves OPEC, organization cuts oil production by 520,000 barrels
# 10 September 2008 08:26 (UTC +04:00)
Decision of OPEC is linked with downside risks to the oil market.
But prices rebounded in Asian trade. New York’s main contract, light sweet crude for October delivery rose by 92 cents to 104.18 dollars a barrel while Brent North Sea crude rose 65 cents to 101.07.
OPEC member countries are Algeria, Angola, Venezuela, Indonesia, Iran, Iraq, Qatar, Kuwait, Libya, Nigeria, Saudi Arabia, Ecuador and the United Arab Emirates. These countries share 60% oil reserves of the world. Saudi Arabia takes the first place for oil production among OPEC countries. The country produces 9.6 million barrels oil per day. OPEC cuts oil production by 8.94 million barrels in this country.
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