Business | Oil & Gas
Opec will cut production by 1.5m barrels per day, says poll
Opec will next week announce another cut of around 1.5 million barrels per day (bpd) in oil production in an attempt to halt a collapse in prices of more than two thirds since July, a Reuters poll showed.
- Reuters
- Published: 21:42 December 11, 2008
London: Opec will next week announce another cut of around 1.5 million barrels per day (bpd) in oil production in an attempt to halt a collapse in prices of more than two thirds since July, a Reuters poll showed.
Eleven banks, companies and research groups surveyed were unanimous in their view that Opec would cut at least one million bpd at its meeting today in Oran, Algeria.
Some analysts think a cut of two million bpd is on the cards.
Sintje Diek, oil analyst at HSH Nordbank in Hamburg says that Opec has to stabilise oil prices.
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