Business | Oil & Gas
Opec ends Cairo meet with no change in oil output
Opec producers left oil output unchanged on Saturday after a brief meeting in Cairo to review compliance with supply restraints agreed in the past two months, Libya's Opec head of delegation Shokri Ghanem said.
- Agencies
- Published: 19:13 November 29, 2008
Cairo: Opec producers left oil output unchanged on Saturday after a brief meeting in Cairo to review compliance with supply restraints agreed in the past two months, Libya's Opec head of delegation Shokri Ghanem said.
The Organization of the Petroleum Exporting Countries is seeking to halt a sharp decline in oil prices as fuel demand falters in recession-hit Western economies. Opec meets again on December 17 in Algeria to discuss a fresh round of output curbs after cuts totalling 2 million barrels daily, 7 percent, since September failed to stop prices falling.
Oil was valued at $55 a barrel at the close of trade on Friday having set a record $147 in July.
Saudi Arabia said on Saturday that $75 a barrel would be a "fair" price.
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