Leadership (Abuja)
Aminu Imam
17 November 2008
Oganisation of Petroleum Exporting Countries (OPEC) said it will announce further oil output cut at the end of this month if global oil prices continue falling down, Algerian news agency APS reported.
Algerian Minister of Energy and Mines, Chakib Khelil, who is also OPEC's current rotating president, told reporters that OPEC members will meet in Cairo on November 19 to discuss the oil output cut on the sideline of the meeting of Organisation of Arab Petroleum Exporting Countries (OAPEC).
Some OPEC member countries, such as Algeria, Kuwait, Libya, Qatar, Saudi Arab, also are members of OAPEC. "The global financial crisis has affected the oil prices," he added.
In an attempt to stabilise the falling oil prices, OPEC decided on October 24 to slash its daily oil output by 1.5 million barrels.
OPEC oil prices have continued dropping since July this year. Before the 1.5 million barrel cut, OPEC said it was taking 520,000 barrels out of daily production.
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