December 16, 2008

OPEC President Calls For Production Cut

OPEC President Chakib Khelil is calling for a production cut much larger than 1 million barrels per day to stabilize oil prices.

"Even a million barrels is not enough, it should be much more for the stability of markets," he said, adding that the $75 a barrel price target set by Saudi Arabia's King Abdullah was a "fair price."

These remarks come ahead of a scheduled meeting of OPEC members on Wednesday.

Source : The Times of India

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