OPEC meets today to discuss oil price
29-11-2008
Members of the oil producers cartel OPEC meet in Cairo later today to discuss the recent steep fall in the price of oil. In July, oil was selling for around one-hundred-and-fifty dollars a barrel. Since then, the price has fallen by two-thirds -- so OPEC countries may now push for cuts in production.
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OPEC ends meeting without new output cut
30-11-2008
OPEC has ended a meeting in Cairo without announcing new output cuts. The oil producing group's president, Chakib Khelil, says OPEC will wait until a meeting in Algeria on December the 17th to decide whether to cut additional crude supplies from the market. Mr Khelil says oil ministers of the Organization of Petroleum Exporting Countries agreed to take any additional action at that time to balance supply and demand. His comments came after the group convened what it called a consultative meeting in Cairo to take stock of market situations and to asses whether members were complying with a 1.5 million barrel per day output cut announced on October the 24th in Vienna.
