Opec to cut output by 520,000 barrels per day

The Organization of Petroleum Exporting Countries (OPEC) oil ministers have decided to cut the group’s output by 520,000 barrels per day (bpd) in the next 40 days, China’s Xinhua news agency reported Wednesday quoting OPEC President Chakib Khelil, as saying.

Chakib Khelil, who is also Algerian oil minister, said: “I think if you do your own calculation properly, it will be a lowering of production by about 520,000 barrels per day.OPEC’s new output ceiling is 28.8 million bpd.

At a meeting Tuesday night, OPEC oil ministers voiced concerns over the plummet of oil prices from nearly US$150 per barrel in July to 102 dollars Tuesday.

The next OPEC ministerial meeting will be held on Dec 17.