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.
More from Oil & Gas
More from Business
Business Editor's choice
-
Saudi-Bahraini economic ties hit new high
Whilst press reports continue speculating on a possible new political structure defining ties between Saudi Arabia and Bahrain, facts on the ground confirm ever- stronger economic ties between the two neighbours
-
Cupid targets the Fed with early tweets
Declarations range from pure romance to cute overtures and racier fare
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
