TEHRAN, Oct. 21 (ISNA)-Organization of Petroleum Exporting Countries (OPEC) may decide to cut back oil output by 2-2.5 million bpd, Iran's Oil Minister said Tuesday.
Gholam Hussein Nozari said OPEC emergency meeting of Friday is very important since global demand for oil has been reduced and due to the financial crisis of the U.S. crude oil consumption has been decreasing.
Global demand for crude oil has been reduced to 8-10 percent.
OPEC's main aim is to preserve the market's balance, he explained; the oil price drop will not be beneficial for consumers since it damages investment.
Vienna, 21 October 08 (OPEC)--The price of OPEC
basket of thirteen crudes stood at 64.63 dollars a barrel on Monday, compared
with $62.92 the previous Friday, according to OPEC Secretariat calculations.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).
... Payvand News - 10/21/08 ... --