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OPEC to keep crude output at current level

(Xinhua)
Updated: 2008-09-10 14:59

The Organization of Petroleum Exporting Countries (OPEC) will hold its official crude oil production quota unchanged until mid-December, OPEC President Chakib Khelil emphasized before the 149th Ordinary Meeting held in Vienna late Tuesday night.

The market is "well supplied" and should "maintain at a comfortable level," the Algerian Oil Minister said. he also said that "in all likelihood, we will do nothing before December."

The crude oil price has fallen nearly 30 percent from a record high price of $147 since July 11, mainly due to a rebound in the US dollar and a drop in demand in some industrialized countries, like the United States and Japan, some experts said.

However, some other oil ministers still advocated that a reduction in output might be necessary if the oil prices continue to drop in the future. According to the statistic from the cartel' s secretariat, the daily average crude oil prices slumped to $101.08 per barrel on Monday, falling down to the five- month-lowest price since the start of April.