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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help 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 oil cartel set for crucial output meet AFP - Sunday, March 15 VIENNA, (AFP) - - OPEC meets here Sunday for a pivotal production meeting that could cut crude output to defend slumping oil prices which have collapsed in the face of a fierce global economic downturn. ADVERTISEMENT The spreading worldwide recession has ravaged energy demand and dragged oil prices far below the record highs above 147 dollars per barrel that were forged last July. In turn, that has slashed OPEC's precious revenues. "The world economy is not as healthy as it should (be), so we should expect demand worldwide to be down," said Oil Minister Ali Ibrahim al-Nuaimi of influential OPEC kingpin Saudi Arabia on Saturday. The Organization of Petroleum Exporting Countries, which pumps 40 percent of the world's crude supplies, will hold a regular production meeting in the Austrian capital where the cartel is headquartered. Algeria has called explicitly for OPEC to slash output to energise weak oil prices, which have been slammed by weak demand arising from the global economic downturn. OPEC was also widely tipped to increase the pressure on its members to comply with last year's steep production cuts. The cartel has already slashed its output three times since September as it sought to breathe new life into battered oil prices. Asked by reporters about whether he wanted OPEC to cut production, Algerian energy minister and former OPEC president Chakib Khelil replied: "Yes we would like to." Questioned about whether he would favour an output cut or full compliance among OPEC nations with previous cuts agreed last year, he responded: "Both." Nuaimi also said that there was an 80-percent compliance level with the cuts agreed late last year to reduce output by a total of 4.2 million barrels per day. That means that OPEC has yet to remove 20 percent of the cuts -- or 800,000 barrels per day of production -- from the market. Venezuela had called Friday for "100 percent" compliance. When asked on Saturday if there will be another cut, Nuaimi replied: "We will tell you tomorrow." Saudi Arabia has previously stated that it regards 75 dollars per barrel as a "fair price" for crude -- but oil prices remain far below this level. OPEC's official daily output quota currently stands at 24.84 million barrels after the last gathering in December in Oran, Algeria. Iraq also pointed Saturday towards a production cut -- but the country is not part of OPEC's quota system owing to persistent unrest. 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: Business Malaysia cuts foreign worker permits by 70%AFP - 1 hour 14 minutes ago China recovers $1.2 bln embezzled in coal regionAFP - 1 hour 42 minutes ago Vodafone Qatar to launch IPO on April 12Reuters - 1 hour 58 minutes ago OPEC oil cartel set for crucial output meetAFP - Sunday, March 15 Insurance giant AIG to pay $165 million in bonusesAP - Sunday, March 15 Enlarge Photo OPEC oil cartel set for crucial output meet Most Popular – Business Viewed For sale: nagging wife, very high maintenance World Bank warns of "very dangerous" year ahead Obama program helping US economy: Summers Bailed-out AIG plans bonuses worth millions: report Arrest warrant issued for Lindsay Lohan View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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