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| OPEC chief urges producers to cut oil supply |
| 2008-10-19 |
| OPEC oil producers will cut oil supplies when they meet next week in Vienna and "the reduction must be significant," the group President Chakib Khelil was quoted as saying on Saturday. "There will be a reduction of the output and the reduction must be significant to restore the balance between supply and demand," Algerian state news agency APS quoted Khelil as telling reporters. I hereby vow to drive my car as little as possible as long as it's not electric or CNG and there's a digit to the left of the decimal point. I urge everyone else in the country to do the same. The Organization of the Petroleum Exporting Countries will hold an emergency meeting on Oct. 24 in Vienna to discuss the impact of economic weakness on oil markets. Pressure is mounting within OPEC to reduce supplies as oil prices have fallen more than 50 percent from July's record of $147.27 and expectations have grown that a global recession will erode fuel demand. "If the cut is 1.5 million barrels per day, then it will be 1.5 million barrels. If it is 2.0 million barrels per day, it will be 2.0 million barrels per day," added Khelil, who is also Algeria's energy and mining minister. Earlier, Khelil was quoted in Saturday's edition of Algerian daily al-Watan as saying that OPEC saw oil prices bottoming at $70-$90 per barrel. |
| Posted by:Fred |
| #3 No problem, Fred. With the price of gasoline falling steadily, I'm trying everything possible to delay fill-ups. |
| Posted by: Darrell 2008-10-19 15:51 |
| #2 and nobody will cheat, of course |
| Posted by: Frank G 2008-10-19 15:50 |
| #1 Go ahead & cut your balls off. Just remember to use a rusty knife. |
| Posted by: Woozle Elmeter 2700 2008-10-19 15:47 |