OPEC Says Ready to Cut Oil Production by Good amount at Coming Meeting in Algeria

The Organization of Petroleum Exporting Countries (OPEC) said Monday that it is ready to cut production by good amount at coming ministerial meeting in Algeria, Iran's Energy and Oil Information Network (SHANA) reported.

OPEC Secretary General Abdalla Salem El-Badri made the remarks to SHANA on the sideline of the 13th International Oil and Gas Conference of the Institute for International Energy Studies (IIES) , which kicked off here Sunday.

The Organization is ready to cut production by another million barrel, which is a good amountand we are all geared towards it, El-Badri was quoted as saying.

According to El-Badri, OPEC is ready to cut production by a significant amount when the organization meets later this month in Algeria's Oran on Dec. 17 though its Cairo meeting on Saturday decided to delay a decision on a new supply reduction.

On Sunday, Iran's Oil Minister Gholam Hossein Nozari said that non-OPEC crude producers, including Russia, had agreed to cut their oil production to support the OPEC decisions.

The world oil market is oversupplied by 2 million barrels per day (bpd) after OPEC deferred a decision on a new output cut, Nozari was quoted as saying by Iran's satellite Press TV.

OPEC announced in Cairo on Saturday that it would maintain the current crude oil output until next month's meeting in Algeria.

The ministers agreed to take any additional action to balance supply and demand and achieve market stability, said OPEC President Chakib Khelil who is also Algeria's energy and mines minister.

The oil cartel was concerned about the continued deterioration of the world economy and its impact on oil demand, he added.

OPEC, which supplies about 40 percent of the global oil output, has believed that oil demand would be affected significantly amid concerns of world economic recession in the first half of next year.

Source: CRIEnglish