By Firouz Sedarat
Oil cartel looking at cutting production by 1-1.5mn bpd at Oct. 24 meeting following slump in prices.
OPEC oil producers are leaning towards cutting production by 1-1.5 million barrels per day (bpd) at their Oct. 24 meeting, UAE state news agency WAM said on Friday, citing an OPEC source.
"An OPEC source expressed the belief that... a strong tendency among ministers at their meeting next Friday will be to carry out a sharp production cut of between one million and 1.5 million barrels per day from Nov. 1," WAM said in a report from Vienna, where OPEC's headquarters are located.
The Organisation of the Petroleum Exporting Countries said on Thursday it had brought forward an emergency meeting to discuss the impact of global recession on oil markets to Friday next week. (Reuters)