Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Israeli strikes on Gaza as seen on social media

Read more

DEBATE

Africa's Newest Failed State: How to Stop Civil War and Famine in South Sudan? (part 2)

Read more

DEBATE

Israel and the Palestinians: How to Break the Cycle of Violence?

Read more

DEBATE

Africa's Newest Failed State: How to Stop Civil War and Famine in South Sudan?

Read more

AFRICA NEWS

Somalia : Al Shebab attack on presidential palace

Read more

FOCUS

Sharia law to be enshrined in British legal system?

Read more

ENCORE!

How a comedy dud became one of France's biggest box office hits

Read more

AFRICA NEWS

Kenya: Clashes at anti-government rally in Nairobi

Read more

WEB NEWS

ISIS leader challenged over expensive-looking wristwatch

Read more

  • Israeli airstrikes continue in Gaza

    Read more

  • Argentina beat the Netherlands on penalties to reach World Cup final

    Read more

  • Foiled French jihadist ‘targeted Louvre and Eiffel Tower’

    Read more

  • Obama in Texas to urge action on child migrant crisis

    Read more

  • Iraq’s heritage 'in danger' from ISIS militants

    Read more

  • Froome crashes out of Tour de France

    Read more

  • South Sudan independence heroes ‘have lost their way’

    Read more

  • Dozens of blindfolded bodies found south of Baghdad

    Read more

  • Alps Murder wife had ex-husband who died on same day

    Read more

  • Both candidates say they won Indonesian presidential election

    Read more

  • Brazil players should never wear 'sacred uniform' again, press says

    Read more

  • Exiled Syrian opposition elects new president

    Read more

  • China’s first Tour de France cyclist chases his dream

    Read more

  • Ukraine imposes new conditions on peace talks with pro-Russia rebels

    Read more

  • Sarkozy's UMP party 'almost €80 million in debt'

    Read more

OPEC to cut output by 520,000 barrels per day

©

Video by Siobhán SILKE , Julien FANCIULLI

Latest update : 2008-09-10

OPEC oil exporting countries have agreed to cut real output by 520,000 over the next 40 days, the group's president said Wednesday. World oil prices rebounded in Asian trade following the news.

Read Business Editor Douglas Herbert's existential take on OPEC's dilemma (apologies to Shakespeare!)

 

 

The OPEC oil group has agreed to cut its real output by 520,000 barrels per day in the next 40 days, OPEC's President and Algerian Energy Minister Chakib Khelil said Wednesday.
   
When asked about the size of a proposed cut to OPEC's current production, Khelil replied: "I think if you do your own calculations, it is a cut of 520,000 barrels per day."
   
"Actions (to cut output) will be taken by members as soon as they can, that means in the next 40 days," he added.
   
An OPEC spokesman said that OPEC members had agreed to "strictly" comply with a quota target of 28.8 million barrels per day excluding Indonesia and Iraq.
   
"Since the market is oversupplied the conference agreed to abide by September 2007 production allocations totalling 28.8 million barrels per day, levels with which member countries committed to strictly comply," said the spokesman, reading a statement from the organisation.
   
The 13 members of the Organisation of Petroleum Exporting Countries held late-night talks Tuesday to Wednesday before coming to their decision, which is likely to boost sagging crude prices.
   
Oil sank below 100 dollars for the first time in five months in London Tuesday when Brent North Sea crude for delivery in October dropped to 99.04  dollars in late trade.
   
The OPEC statement identified a shift in sentiment in the oil market linked to falling economic growth, a strengthening dollar, easing geopolitical tensions and greater supply.
   
"All the foregoing indicates a shift in market sentiment causing downside risks to the global oil market outlook," it said.

Date created : 2008-09-10

Comments

COMMENT(S)