TEHRAN (AFP) — OPEC will decide on a “major” output cut next month if the oil market is deemed to be deteriorating, the cartel’s secretary general Abdalla Salem El-Badri said on Monday.
“If we see the market is deteriorating we will make a major action in Algeria and anywhere if necessary,” he told reporters in Iran. El-Badri, who is attending an oil and gas seminar in Tehran, said earlier that the Organisation of Petroleum Exporting Countries will cut production by a “good amount” when it meets in December to tackle tumbling prices. “If there is an action that OPEC can take, it will not hesitate to stabilize the market,” he said in English. “We can’t say how much the output cut will be in December but for sure there will be an action because we’re seeing that stocks are high,” he said. “I cannot tell you (the size of the cut) but it will be a good amount.” OPEC, which pumps 40 percent of the world’s crude, met in Cairo on Saturday to assess the state of the oil market, but held off from making any decision on cutting production
“If we see the market is deteriorating we will make a major action in Algeria and anywhere if necessary,” he told reporters in Iran. El-Badri, who is attending an oil and gas seminar in Tehran, said earlier that the Organisation of Petroleum Exporting Countries will cut production by a “good amount” when it meets in December to tackle tumbling prices. “If there is an action that OPEC can take, it will not hesitate to stabilize the market,” he said in English. “We can’t say how much the output cut will be in December but for sure there will be an action because we’re seeing that stocks are high,” he said. “I cannot tell you (the size of the cut) but it will be a good amount.” OPEC, which pumps 40 percent of the world’s crude, met in Cairo on Saturday to assess the state of the oil market, but held off from making any decision on cutting production
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i work at an O&G company so i'm really concern with the plunging oil prices. Can you imagine that, from more than $100/barrel and now its below $50!
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