Most members of the Organization of Petroleum Exporting Countries have agreed to reduce their oil production in line with their output in November 2011, which will bring the group back in line with its 30 million barrel a day production ceiling, said Secretary General Abdalla Salem el-Badri Friday.
Most members of the Organization of Petroleum Exporting Countries have
agreed to reduce their oil production in line with their output in November
2011, which will bring the group back in line with its 30 million barrel a day
production ceiling, said Secretary General Abdalla Salem el-Badri Friday.
These cuts will probably begin some time in July, and OPEC will monitor on a
monthly basis whether countries are supplying oil in accordance with their
production allocations, Mr. El-Badri said.
According to OPEC reports,
Saudi
Arabia
's production in November was
134,000 barrels a day lower than its level in May.
Libya
will
not be required to adhere to its November production, when it was still
recovering from the war, he said.
Iraq
is
still not subject to any individual quota, he said.
Even an oil price as high as $110 a barrel would not be a threat to the world
economy, he added.
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