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OPEC says further oil output cut likely

(Xinhua)
Updated: 2008-11-09 14:05

ALGIERS -- The Organization of Petroleum Exporting Countries (OPEC) said Saturday that it could further cut oil output if international oil prices remain under 70 US dollars per barrel.

OPEC's objective is to keep the oil prices between 70 dollars to 90 dollars per barrel, said Algerian Minister of Energy and Mines Chakib Khelil, who is also OPEC's current rotating president.

In the week ending on November 7, OPEC's basket oil price stood below 60 dollars per barrel, at 57.66 dollars.

Khelil told a press conference that further output decisions would likely depend on how markets react to its current output cut.

In an attempt to stabilize the falling oil prices, OPEC decided on October 24 to slash its daily oil output by 1.5 million barrels.

OPEC oil prices have continued to drop since July this year.

The organization is scheduled to hold a special minister-level meeting in the western Algerian town of Oran on December 17 to discuss the prospects of international oil markets in the first half of 2009, said Khelil.