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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: OPEC braces for tough times as global recession bites AFP - Sunday, November 30 CAIRO, (AFP) - - The OPEC oil exporting cartel, suffering from plummeting oil prices, faces further pain next year as a worldwide recession dampens demand for crude even more, analysts believe. "OPEC is dealing with tough circumstances, the toughest in 10 if not 30 years," Raad AlKadiri of PFC Energy told AFP on the sidelines of OPEC's informal gathering in the Egyptian capital. Although OPEC ministers decided on Saturday to keep output unchanged, they also vowed to cut production next month in the face of flagging demand and despite the global financial crisis. "We took note of the serious deterioration in the world economy and its serious consequence on the oil price," OPEC President Chakib Khelil said, adding that "negative growth in (oil) demand is possible" next year. "We realise that in the first quarter of next year we are probably going to have a decline in demand, and in the second quarter we are going to have a big decline," Khelil said. The Organisation of Petroleum Exporting Countries, which pumps 40 percent of the world's oil, has already slashed its output twice this year by a total of two million barrels per day in response to falling prices. But the production cuts, agreed in September and October, failed to stop prices sliding under 50 dollars a barrel earlier this month as concern mounted about a global recession that has already infected the eurozone and Japan. Analysts said that OPEC's hands were tied because cutting output could damage the world economy even more. "With much of the world in or heading towards a recession, OPEC does not have a huge amount of political leverage in being able to dramatically reduce production," said BetOnMarkets analyst Dave Evans in London. "They have to support crude prices while at the same time ensuring that they do not do long-term damage to the global economy. They cannot afford to bite the hand that feeds." Earlier this month, Brent North Sea oil plunged to 47.40 dollars and New York crude touched 48.35 dollars, marking the lowest points for nearly four years, as recession concerns intensified. That compared with their respective record highs of 147.50 and 147.27 dollars on July 11, when supply concerns had sent them rocketing. "The economic data is changing and getting worse every other week," added analyst Bill Farren-Price at Medley Global Advisers. "The US new demand data for September which shows 13 percent demand contraction in (oil) products consumption. And that's very serious." OPEC also predicted on Saturday that the market would not recover before the second half of 2009 amid the looming global recession. Evans warned that the impact on energy demand -- and oil prices -- would depend on the severity of the sharp economic slowdown. "Recessions are often officially announced many months after one actually starts, but whether one is 'officially' declared or not, the US, UK, Japan and most of Europe are in recession. Even the Chinese behemoth is slowing," he said. "Subsequent energy demand depends on how protracted the decline turns out to be. If it looks like the global slump will get worse than currently expected, then energy demand will fall further." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike OPEC braces for tough times as global recession bitesAFP - Sunday, November 30 OPEC holds current output, hints at December cutAFP - Sunday, November 30 OPEC freezes crude output quotaAFP - Sunday, November 30 Saudi king says oil should be $75 per barrelAP - Sunday, November 30 Related Articles: Business SKorea's Hyundai Motor cuts domestic productionAFP - 25 minutes ago Thai grenade attack stokes tension ahead of rallyReuters - 34 minutes ago Indian home minister resigns over Mumbai-ruling partyReuters - 36 minutes ago NEWSMAKER-BHP head to focus on downturn after Rio failureReuters - 45 minutes ago NEWSMAKER-China's richest man thrown into spotlight amid probeReuters - 58 minutes ago Enlarge Photo OPEC braces for tough times as global recession bites Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed World's oldest person dies at 115 years Love handles increase death risk: study Saudi king says 75 dollar oil price 'fair' Michael Jackson strikes 'amicable' deal with Arab sheikh Bomber strikes Shiite mosque after Iraq approves US pact View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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