- The oil producing cartel (OPEC) may decide on yet another cut at the meeting scheduled for 15 March as oil prices plummet, Algeria's minister of energy and mines told Algeria's APS news agency.
Minister Chakib Khelil said OPEC leaders could further reduce production and help stabilise oil prices, emphasising that OPEC's decision to cut production has somehow averted prices from falling further.
OPEC, the supplier of 41 percent of the world's oil, had cut oil production by 4.4 million barrels per day, between September and December, but the oil prices plunged to less than US$40 per barrel from the record of US$147 in July 2008.
"If OPEC had not decided the drop in September to December, we would not be at $40 a barrel but probably $20," he told APS.
However, analysts said although a cut might stabilise the prices, the consumers will be hardest hit with the current global economic recession.
According to the cartel, there has been almost 100 percent compliance with two earlier OPEC supply reductions, with Angola, OPEC's newest member having agreed to cut production rate.
The next ministerial meeting of OPEC is scheduled on March 15 at the organisation's headquarters in Vienna. At the previous meeting on 17 December in Oran in Algeria, the ministers had decided to cut the cartel's production by 2.2 million barrels per day.
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