OPEC may cut oil output from November 1

OPEC may cut oil output from November 1
# 18 October 2008 08:49 (UTC +04:00)
Baku. Vahab Rzayev-APA-Economics. Crude oil advanced $2 a barrel in New York on signs that OPEC will announce a production cut at a meeting next week, Bloomberg reports.
The Organization of Petroleum Exporting Countries, which supplies more than 40 percent of the world’s oil, brought forward to next week a November meeting to discuss output levels. Oil has tumbled more than 50 percent since reaching a record $147.27 in July because the financial crisis threatens to push the world into a recession, curbing fuel demand.
QATAR’S energy minister Mr Abdullah bin Hamad al-Attiyah said in an interview with Al-Jazeera that Opec will cut oil output by at least one million barrels a day at its emergency meeting next week after crude prices tumbled below US$70 (S$103).
‘We will look into our forecasts for supply and demand,’ he said, referring to the ministerial meeting of the Organisation of Petroleum Exporting Countries, which has been brought forward from November to October 24.
OPEC reduced its forecast for average oil demand next year by 450,000 barrels a day, or 0.5 percent, to 87.21 million barrels a day, in a report Oct. 15. The International Energy Agency and U.S. Energy Department cut their forecasts earlier this month.
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