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OPEC is likely to cut oil output in two weeks

01 December 2008 10:35 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. The Organization of Petroleum Exporting Countries ended on Saturday its meeting in Cairo without any decision on a production cut.
OPEC President and Algerian Oil Minister Chakib Khelil said he expects oil demand to decline from a month ago, and said the group would take necessary action on Dec. 17 when it meets in Oran, Algeria.
"Ministers have agreed to take any additional decision on Dec. 17 to balance oil supply and demand and to achieve market stability," he said.
Khelil said members are adhering to the decision and fulfilling their commitments.
Saudi Oil Minister Ali al-Naimi said oil prices needed to return to $75 to keep the more expensive new projects at the margins of world supply on track.
The cost of crude has continued to slide even after the group agreed last month to lower production by 1.5 million barrels a day.
OPECâ€™s 13 member nations include Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela. Indonesia is expected to leave the group at the end of the year.