OPEC might Cut Production Agressively

Friday, October 9, 2009

Chakib Khelil OPEC`s president stated that a production cut will probably be made on the December 17 meeting.

OPEC`s President commented that no decision on the output cut has been made yet but it would be severe. The problem for OPEC producers is that nobody really believes they will cut production because they all need to sell all the oil they can to balance their national budgets. Oil analysts predict that an OPEC might cut by as much as 2 million barrels a day.

Khelil stated that he thought a fair price for oil was seventy dollars a barrel. Quite optimistic, not?

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