Opec to cut oil production by 1.2 miln barrels per day
Opec, the 11-nation cartel of oil producers, has announced today its intent to cut production by 1.2 million barrels per day. The decision has been adopted at extraordinary session of OPEC Conference in the Qatari capital of Doha. On the eve of the meeting, Qatari’s minister of energy and industry Abdalla ben Hamad al-Atyja said that production cut is not to touch earlier specified limits of 28 million barrels per day. According to him, this cut should relate to current production level. As per today’s quotas, OPEC should decrease production to 26.3 million barrels per day though it is not likely to happen in reality. OPEC members supply to the market over 28 barrels per day not considering Iraq – active oil market player despite war and related problems.
