Montag
10-18-2008, 02:35 PM
I don't know who I hate more OPEC or the auto companies.
OPEC may 'substantially' cut output
Sat, 18 Oct 2008
http://www.presstv.ir/detail.aspx?id=72579§ionid=3510213
A worker at an oil refinery in the Iranian capital Tehran
OPEC President Chakib Khelil says member states will be forced to considerably cut their oil output at an emergency meeting in Vienna.
A global drop in oil demand, economic concerns fueled by the worst financial crisis since 1929 may cause oil prices to fall even further. The plunge in oil prices will be devastating for oil producing countries as most of them are economically dependant on the commodity.
"There will be a reduction in production at the next extraordinary meeting of OPEC, and it will have to be a substantial one to get the balance right between supply and demand," said Khelil, who is also Algeria's energy minister, on Saturday.
"If it has to be 1.5 million barrels per day, or two million barrels per day, that's what it will be," Khelil told reporters during a visit to the southern Algerian province of Tamanrasset.
OPEC's second largest exporter, Iran, says it seeks to create a balance between supply and demand in the market despite the global economic slowdown.
"Balance should be established between oil demand and supply. In addition to stabilizing the oil price, we intend to increase its price," Iranian Oil Minister Gholam-Hossein Nozari has told IRIB.
Tehran's envoy to the organization has also indicated that Iran will support calls for production cuts at the extraordinary meeting next Friday.
"Iran's clear proposal for the OPEC emergency meeting is that crude supply should be reduced in proportion with demand," Mohammad Ali Khatibi said on Saturday.
Oil prices hit 147 dollars a barrel earlier in 2008 but slumped below 70 dollars on Thursday for the first time in more than a year. Speculation that OPEC could cut production caused prices to rise to 71 dollars a barrel on Friday.
OPEC may 'substantially' cut output
Sat, 18 Oct 2008
http://www.presstv.ir/detail.aspx?id=72579§ionid=3510213
A worker at an oil refinery in the Iranian capital Tehran
OPEC President Chakib Khelil says member states will be forced to considerably cut their oil output at an emergency meeting in Vienna.
A global drop in oil demand, economic concerns fueled by the worst financial crisis since 1929 may cause oil prices to fall even further. The plunge in oil prices will be devastating for oil producing countries as most of them are economically dependant on the commodity.
"There will be a reduction in production at the next extraordinary meeting of OPEC, and it will have to be a substantial one to get the balance right between supply and demand," said Khelil, who is also Algeria's energy minister, on Saturday.
"If it has to be 1.5 million barrels per day, or two million barrels per day, that's what it will be," Khelil told reporters during a visit to the southern Algerian province of Tamanrasset.
OPEC's second largest exporter, Iran, says it seeks to create a balance between supply and demand in the market despite the global economic slowdown.
"Balance should be established between oil demand and supply. In addition to stabilizing the oil price, we intend to increase its price," Iranian Oil Minister Gholam-Hossein Nozari has told IRIB.
Tehran's envoy to the organization has also indicated that Iran will support calls for production cuts at the extraordinary meeting next Friday.
"Iran's clear proposal for the OPEC emergency meeting is that crude supply should be reduced in proportion with demand," Mohammad Ali Khatibi said on Saturday.
Oil prices hit 147 dollars a barrel earlier in 2008 but slumped below 70 dollars on Thursday for the first time in more than a year. Speculation that OPEC could cut production caused prices to rise to 71 dollars a barrel on Friday.