The Organization of Petroleum Exporting Countries (OPEC) will hold its official crude oil production quota unchanged until mid-December, OPEC President Chakib Khelil emphasized before the 149th Ordinary Meeting held in Vienna late Tuesday night.
The market is "well supplied" and should "maintain at a comfortable level," the Algerian Oil Minister said. he also said that "in all likelihood, we will do nothing before December."
The crude oil price has fallen nearly 30 percent from a record high price of 147 U.S. dollars since Jul. 11, mainly due to a rebound in the U.S. dollar and a drop in demand in some industrialized countries, like the United States and Japan, some experts said.
However, some other oil ministers still advocated that a reduction in output might be necessary if the oil prices continue to drop in the future. According to the statistic from the cartel's secretariat, the daily average crude oil prices slumped to 101.08 U.S. dollars per barrel on Monday, falling down to the five-month-lowest price since the start of April.
Source:Xinhua
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