We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 16 Dec 2008 09:41 AM

Font Size

- Aa +

OPEC president urges deep cut

Oil cartel should slash oil supply by 'much more' than one million barrels per day as stocks remain high.

OPEC should cut oil output by "much more" than one million barrels per day as inventories were very high, OPEC President Chakib Khelil said in remarks published on Tuesday.

"I believe the meeting will take such a decision," al-Hayat newspaper quoted Khelil as saying. "OPEC should take a decision to cut production by more than a million barrels per day because global stocks are very high."

"Even a million barrels is not enough, it should be much more for the stability of markets," he said, adding that the $75 a barrel price target set by Saudi Arabia's King Abdullah was a "fair price".

OPEC ministers could make their deepest oil supply cut ever when they meet on Wednesday to combat shrinking demand, bulging stocks and a $100 collapse in prices. (Reuters)

Arabian Business: why we're going behind a paywall

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.