Opec cuts oil output by 1.2m barrels

[spindrifter]

Aljazeera.net
Friday 20 October 2006, 3:45 Makka Time, 0:45 GMT

Opec ministers have agreed to cut oil output by 1.2 million barrels per day to arrest a fall in oil prices, after a meeting in the Qatari capital Doha.

"The credibility of Opec is at stake," Chakib Khelil, Algeria's energy and mines minister, said before the meeting that began on Thursday and ended in the early hours of Friday.

Some ministers said a further cut of 500,000 bpd could follow when Opec next meets in Abuja in December to address high fuel stocks in consumer countries, particularly the US.

After the meeting, Khelil said all 10 Opec members subject to quotas would participate in the cut.

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http://english.aljazeera.net/NR/exeres/BAF09837-2765-4367-85D1-910ED18F4CA5.htm

[razors edge]

1. Why keep up the deception for saudi and *co

when there seams to be no benefit to be had.

[okieinpain]

4. yep, even the saudi's are throwing in the towels.

[liberal N proud]

2. That will be about time to explain the dramatic price increase

after Nov 7th

[spindrifter]

3. Exactly!