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
  • Gulf News

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.

  • Rate this article
  • Average reader rating (0 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

More from Oil & Gas

  1. Opec 2010 demand growth forecast edges up

  2. Taqa earnings soften on lower oil prices

  3. Reliance finds oil in western India

  4. Arbitration panel to settle Crescent-NIOC gas row

All articles in Oil & Gas

More from Business

Gulf News
Popular in Business
Way to go this DSF
XPRESS

Way to go this DSF

A fun-filled route to guide you to all the happening dos in town

Business Editor's choice