“Ye offspring of vipers, who warned you to flee from the wrath to come?” Luke 3:7

Opec set to hold emergency meeting

Thu, 16th October, 2008 - Posted by Joshuah

Source: FT.com

Opec is mulling meeting next week in Vienna to consider a cut in production after US oil futures prices neared $70 a barrel, the Financial Times has learnt.

An official familiar with Opec said the cartel was considering meeting on October 24, ahead of a previously arranged meeting for next month.

Opec on Wednesday said it would need to pump about 31.3m barrels a day in the first quarter of next year to balance the market, well below its current output of 32.2m b/d. The forecast opens the door for a large production cut when the cartel meets on November 18. Iran, one of Opec’s most hawkish members, reiterated that the cartel should cut production.

Full Story…

Related Items

  • Oil surges to $63 a barrel as Opec eyes rise
  • OPEC Agrees to Keep Oil Production Quotas Unchanged
  • Venezuela’s Chavez seizes U.S. food giant unit
  • Crude Oil Falls Below $40 as Demand Drops Faster Than Supply
  • Oil Stored at Sea Expands as OPEC Meets on Output Cut
Category : Energy