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vhf

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OPEC Eyes Major Production Cuts

posted on Oct 18, 2008 06:39AM

This should at least provide some support to crude prices followed by other commodity prices.

Regards - VHF

OPEC eyeing 'sharp' production cut

Arabian Business

by Firouz Sedarat

Saturday, 18 October 2008

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.

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