OPEC oil price rises as cartel curbs production

December 18th, 2008 - 6:26 pm ICT by IANS  

Vienna, Dec 18 (DPA) The price for oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) rose by 21 cents Wednesday, as the cartel decided to cut production by 2.2 million barrels per day.The price for one barrel (159 litres) of crude produced by OPEC stood at $40.95 Wednesday, the Vienna-based organisation announced Thursday.

After the meeting of OPEC oil ministers in Oran, Algeria on Wednesday, the cartel’s president Chakib Khelil said he hoped that the oil price would “evolve in due time to $70-80 per barrel” as a result of the production cut.

OPEC’s 13 member countries produce over 40 percent of global oil supply.

Related Stories

Tags: , , , , , , , , ,

Posted in Business |