OPEC Likely To Cut Production To `Halt A Slide In Prices'

OPEC, supplier of more than 40 percent of the world's oil, is likely to cut production at its summit in Oran, Algeria, next month and may not lower output at its meeting in Cairo on Nov. 29, the group's president said. The Organization of Petroleum Exporting Countries plans to meet in the Egyptian capital to discuss oil markets and halt a slide in prices after crude oil touched $54.67 a barrel, a 21- month low, on Nov. 13. The 13-member organization cut production by 1.5 million barrels a day at a meeting in Vienna last month.
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Posted by Editor at November 17, 2008 03:23 AM