Connect with us

Hi, what are you looking for?

Business

OPEC finally puts a plan

WSJ.com – OPEC President and Algerian Oil Minister Chakib Khelil said he expects oil demand to be much lower than a month ago, and added that the group will take any additional action Dec. 17 at its formal meeting in Oran, Algeria.

The Organization of Petroleum Exporting Countries decided Saturday to put off any fresh action over whether to further cut its production until it meets again in mid-December, said Head of Libyan National Oil Co., Shokri Ghanem.

The Organization of Petroleum Exporting Countries is concerned about swelling oil inventories and fizzling global demand, which have shoved crude prices nearly 60% lower since July.

“We note with concern the deteriorating situation,” Mr. Khelil said. “Oil demand is expected to be much lower than a month ago.”

“Ministers have agreed to take any additional decision on Dec. 17 to balance oil supply and demand and to achieve stability,” Mr. Khelil said.

Referring to the group’s Oct. 24 decision to cut its production by 1.5 million barrels a day, Mr. Khelil said: “It’s being implemented. Members are fulfilling their commitments.”

You May Also Like

Health News

The cosmetic and facial plastic surgery practice is hosting a grand opening celebration and ribbon cutting for its new Chattanooga state-of-the-art location.

Current News

“NEXT by TRT World Forum” Brought Together Globally Known Young Professionals

Current News

Merchants can now use the free get4it Competitive Analysis Tool to see the overall health of their store and inventory.

Business

Everything You've Ever Learned About Marketing And Advertising Is Wrong. Everything You've Ever Heard, Everything You've Ever Tried, And Everything You've Ever Done Is...