Sunday, December 14, 2008
OPEC set to slash oil output as prices crumble
LONDON (AFP) December 14, 2008 – OPEC, the cartel pumping 40 percent of world oil, is this week set to announce plans to slash output in the hope of lifting crude prices weighed down by a recession-fuelled slide in energy demand.
The Organization of Petroleum Exporting Countries on Wednesday convenes in the Mediterranean port city of Oran, Algeria, where it is widely expected to announce plans to cut its oil output quota for a third time since September.
Iran, for one, will be calling for a cut at the meeting, the ISNA news agency reported Sunday.
"Our position in the upcoming OPEC meeting in Algeria is a cut of 1.5 million to two million barrels per day in OPEC's quota output," Iranian Oil Minister Gholam Hossein Nozari was quoted as saying. More >>>