OPEC Said To Cut Oil Production
KUWAIT (AP) _ The members of the Organization of Petroleum Exporting Countries have agreed to cut production by 1.5 to 2 million barrels a day to boost prices, Kuwait’s oil minister said Saturday.
The state-run Kuwait News Agency quoted Sheik Saud Al Sabah as saying Ali Rodriguez, the organization’s president, informed him of the consensus among OPEC’s members. He did not provide further details.
The 11-member cartel increased production four times over the past year to bring soaring prices down. Oil prices have been hovering around $20 a barrel, down from $30 for OPEC’s basket of crudes in September.
In Iraq, Oil Minister Amer Mohammed Rashid said the reduction would ``bring stability back to the market.″ He called for stronger unity among OPEC members and said they should be independent from outside pressures if they want to stabilize the oil market.
OPEC countries produce 26.7 million barrels a day, or 40 percent of the world’s oil. OPEC’s oil ministers plan to meet in Vienna on Jan. 17.