InfoAnda - OPEC slashes output to halt free-falling prices

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Top Stories Full Coverage Most Popular Photos Search Search: OPEC slashes output to halt free-falling prices AFP - Saturday, October 25 VIENNA (AFP) - - Oil exporting countries said on Friday they would slash output from November 1 in an attempt to stabilise plunging oil prices. Following are the main points of the statement issued by the Organization of the Petroleum Exporting Countries (OPEC) at an extraordinary meeting at its headquarters here. The meeting was called "to discuss the current global financial crisis, the world economic situation and their impacts on the oil market, the conference (emphasised) it shared the concern of the international community -- of which OPEC Member Countries are an integral part -- over ongoing developments in financial markets," the statement said. The 12-country cartel said the financial crisis "is already having a noticeable impact on the world economy, dampening the demand for energy, in general, and oil in particular." "This slowdown in oil demand is serving to exacerbate the situation in a market which has been over-supplied with crude for some time. "Moreover, forecasts indicate that the fall in demand will deepen, despite the approach of winter in the northern hemisphere." OPEC said that oil prices "have witnessed a dramatic collapse -- unprecedented in speed and magnitude -- to levels which may put at jeopardy many existing oil projects and lead to the cancellation or delay of others". The cartel said it will "continue to provide to the market crude oil volumes required by consumers." Thus, the organisation decided to decrease the current production ceiling of 28.8 million barrels a day by 1.5 millin bpd, effective November 1, 2008. The decision would be reviewed at a new extraordinary meeting in Oran, Algeria, on December 17. "In the interim, the conference requested the secretariat to continue to closely monitor the market." OPEC said it remained commited "to providing adequate supplies of petroleum to consuming nations at all times, as well as to realizing its objective of maintaining crude oil prices at fair and equitable levels for the benefit of the world economy and the well-being of the market." At the same time, OPEC insisted it "cannot be expected to bear alone the burden of restoring equilibrium and it called on non-OPEC producers and exporters to contribute to efforts to restore prices to reasonable levels and eliminate harmful and unnecessary fluctuations." 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 Gas exporters postpone Moscow Nov summitReuters - Wednesday, October 29 Oil prices firm after striking 17-month lowsAFP - Wednesday, October 29 China's CNOOC Q3 revenue up 69 pct on higher oil priceReuters - Wednesday, October 29 Oil falls below $63 as investors eye weak demandAP - Tuesday, October 28 Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Top Stories Viewed When men see red, they see hot: study World's fattest man weds friend's widow Desperate pleas end in despair as starlet's nephew found dead Markets rebound ahead of key US meeting Australian central bank intervenes as dollar falls again View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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