The president of OPEC, Chakhib Khelil, stated Thursday that the trust went extremely certainly acter a reduction of the production at its special meeting envisaged Friday to Vienna, in Austria.
The latter was organized in urgency to try to stop the spiral depression of the courses of oil, which fell from a record of 147,50 dollars on July 11 to less than 65 dollars Wednesday. ( Finance Information City )
The representative of the organization however made a point of specifying that OPEC would take care “not to worsen the financial crisis by too lowering” its offer.
“We will reduce. Of how much? We do not know it. It is there something which we will decide tomorrow”, Mr. Khelil indicated, who is also Algerian Minister for Oil, to journalists in Vienna.
“We worry owing to the fact that we could worsen the financial crisis by deciding a too important fall”, Mr. Khelil added.
He in addition specified that the decision of awaited OPEC Friday “should not strike the worldwide economy which is already rather in bad posture”.
The trust must carry out a “enormous fall” of its production, of 2 million barrels per day to bring back the market to balance, estimated as for him Thursday at its arrival at Vienna the Libyan Minister for oil Choukri Ghanem.
“We want to create a balance between the offer and the request and to create this balance, it is necessary to reduce by 2 million barrels the production”, considered the minister Libyan, underlining however that a common decision had not been made yet.
Questioned on the level of price which it wished to defend, Mr. Ghanem answered: “90 dollars (the barrel) would be a handsome price”.
The Minister for Oil Venezuelan, Rafael Ramirez, affirmed for his part that Venezuela was going to plead in favour of a fall of the production of OPEC from “at least 1 million barrels per day” to avoid “a price collapse”.
“I believe that there is a consensus in favour of a production decrease” within the Organization of oil exporting countries (OPEC), he added.
Mr. Ramirez also left the open door to one second fall of the offer of OPEC at his next meeting, envisaged on December 18 with Oran (Algeria).
“A barrel with 140 dollars is not appropriate for anybody (...) just like a price which does not guarantee that one can continue to invest” in the development of new oil fields, it put forward.
Towards 16:30 GMT, the barrel of Brent of the North Sea for delivery in December exchanged itself in rise of 2,55 dollars with 67,07 dollars on Intercontinental Exchange (ICE) of London.
During this time, the barrel of “light sweet crude” for delivery in December took 2,30 dollars with 69,05 dollars on New York Mercantile Exchange (Nymex).
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