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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 chief says cartel may decide 'major' output cut AFP - Tuesday, December 2 TEHRAN (AFP) - - OPEC will decide on a "major" output cut next month if the oil market is deemed to be deteriorating, the cartel's secretary general Abdalla Salem El-Badri said on on Monday. "If we see the market is deteriorating we will make a major action in Algeria and anywhere if necessary," he told reporters in Iran. El-Badri, who is attending an oil and gas seminar in Tehran, said earlier that the Organisation of Petroleum Exporting Countries will cut production by a "good amount" when it meets in December to tackle tumbling prices. "If there is an action that OPEC can take, it will not hesitate to stabilise the market," he said in English. "We can't say how much the output cut will be in December but for sure there will be an action because we're seeing that stocks are high," he said. "I cannot tell you (the size of the cut) but it will be a good amount." OPEC, which pumps 40 percent of the world's crude, met in Cairo on Saturday to assess the state of the oil market, but held off from making any decision on cutting production. recession Instead, energy ministers from the Organisation of Petroleum Exporting Countries decided that any output move will be made when they next meet in Oran, Algeria on December 17. The non-decision in Cairo let to a further fall in oil prices. In Asian trade on Monday, New York's main contract, light sweet crude for January delivery, sank 88 cents to 53.55 dollars, while Brent North Sea crude for January delivery eased 1.27 dollars to 52.22 dollars. "The price of 75 USD is reasonable but our outlook is for between 70 to 90 USD per barrel," El-Badri said. The cartel's secretary general said non-OPEC oil producers "Mexico and Norway have already declined the production naturelly by themselves", adding that OPEC would seek to convince Russia to join the efforts as well. "After Algeria meeting myself or the head of the conference will go to Moscow to try make them participate." OPEC has already slashed output twice this year by a total of two million barrels per day (bpd) in response to plunging prices but fears remain that a global recession could ravage demand for energy. And 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. Prices are now down by more than 60 percent from record peaks of above 147 dollars seen in July but analysts have said OPEC's hands were tied because cutting output could damage the world economy even more. "Ministers agreed to take any additional action on December 17th to balance oil supply and demand and achieve market stability," OPEC president Chakib Khelil, who is also Algeria's energy minister, said in Cairo after Saturday's meeting. "We took note of the serious deterioration in the world economy and its serious consequence on the oil price," he said. El-Badri also predicted in Cairo that prices will not begin to rise before the second half of 2009 and said that the market was oversupplied. King Abdullah of OPEC powerhouse Saudi Arabia, the world's largest oil exporter, said in an interview published on Saturday that oil prices of 75 dollars a barrel would be "fair". 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 Oil falls below $51 as OPEC doesn't cut outputAP - Tuesday, December 2 Iranian state TV: OPEC cut of 1.5M barrels likelyAP - Tuesday, December 2 OPEC chief says cartel may decide 'major' output cutAFP - Tuesday, December 2 Chavez seeks reelection, eyes presidency through 2021AFP - Monday, December 1 Related Articles: Business Australia slashes interest rate to avert recessionAP - 20 minutes ago India Hot Stocks: M&M, Tata Motors down on Nov sales dropReuters - 30 minutes ago India's Tata Motors to close Pune plant for 3 daysReuters - 33 minutes ago Indian shares open 3.44 pct down on global fallsReuters - 34 minutes ago NZ dollar lower on stocks plunge; bonds firmReuters - 37 minutes ago Enlarge Photo OPEC chief says cartel may decide 'major' output cut Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed Wall Street plunges as recession becomes reality World AIDS Day highlights big challenges 20 years on Saudi king says 75 dollar oil price 'fair' Love handles increase death risk: study World's oldest person dies at 115 years View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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