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Business

Algeria forecasts 'consensus' on oil output reduction

Latest update : 2009-03-15

The 12-member Organisation of Petroleum Exporting Countries (OPEC) will reach a consensus to cut output by between 500,000 and 1,5 million barrels per day at a key meeting in Austria on Sunday, according to Algeria's energy minister.

AFP - Algeria's energy minister Chakib Khelil said there will be a consensus to cut OPEC output by between 500,000 and 1.5 million barrels per day, ahead of the cartel's key production meeting.
   
"There will be a consensus" to cut production, said Khelil, adding that OPEC ministers would decide the precise level of the reduction at the gathering.
   
"The market expects a cut between 0.5 to 1.5 million barrels per day," said Khelil, who was OPEC president last year.
   
"How much we are going to cut is a decision we will make in the meeting."
   
Khelil added that the 12-nation Organization of Petroleum Exporting Countries, which pumps 40 percent of the world's crude supplies, wanted to achieve a target oil price of 80 dollars per barrel.

Date created : 2009-03-15

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