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Mon 13 Oct 2008 04:26 PM

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OPEC warned to take 'preventative measures'

Qatari oil minister says oil cartel must balance supply and demand amid financial crisis.

OPEC should take "preventive measures" at its November meeting to deal with a drop in demand for oil that will result from global financial turmoil, Qatar's oil minister said in remarks published on Monday.

"OPEC should take preventive measures at its November meeting to cope with the drop in demand for oil which will result from the global financial crisis," Abdullah Al-Attiyah told the pan-Arab Al-Hayat newspaper.

"All experts and specialists expect a drawback in demand for oil and OPEC must balance supply and demand."

He declined to give a size of any possible supply cut at the meeting on Nov. 18, the paper reported.

Al-Attiyah told Al Arabiya television last week OPEC would discuss "cutting production" in its extraordinary meeting in November. (Reuters)

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