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Russia, Norway and Mexico should cut oil output too: OPEC's Khelil
OPEC's chief Chakib KhelilALGIERS
Petroleumworld.com, October 21, 2008Russia, Norway and Mexico should cut output in line with an emergency OPEC meeting later this week, Algerian Energy Minister and the group's current chief Chakib Khelil told APS news agency Monday.
"If non-OPEC nations, notably Russia, Norway and Mexico , don't contribute to the cut in oil production, the OPEC decision is going to be harder and more painful (to make), demanding greater sacrifices on the part of OPEC members," Khelil was quoted as having told public radio.
Khelil suggested that these countries could contribute half of the cut, saying the eventual drop -- aimed at boosting oil prices in the wake of global financial turmoil and reduced demand in developed countries -- could be "shared between OPEC and non-OPEC states."
On Saturday, Khelil said he wanted to see a "substantial" cut.
Iran's ambassador to OPEC said on Monday that the cartel may agree to cut oil production in stages at Friday's meeting, the official IRNA news agency reported.
"Different figures (for the size of cuts) are being talked about among OPEC members," Mohammad Ali Khatibi was quoted as saying, adding that suggestions range from one to three million barrels a day.
"If three million barrels are cut at one time from OPEC's production, the market will recover, but there is a possibility that this cut will occur in a number of stages and it appears that OPEC is ready to cut a million barrels per day in the first stage," he said.
Members of the cartel want cuts in order to revive crude prices that have dived 55 percent since reaching record highs of more than 147 dollars a barrel in July.
OPEC, whose 12 member-states together pump about 40 percent of the world's oil with an official quota of 28.8 million bpd currently, brought forward its ministerial meeting to October 24 from mid-November.
World oil prices rose in Asian trade on Monday amid growing signs that OPEC will announce production cuts, with New York's benchmark contract, light sweet crude for November delivery, trading at 73 dollars a barrel.
Story from AFP
AFP 202129 GMT 10 08Copyright© 2008 respective author or news agency. All rights reserved.
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