OPEC members agree to reduce production by over 500 thousand barrels a daySeptember 10th, 2008 - 2:47 pm ICT by Amrit Rashmisrisethi
Member countries of OPEC have agreed to reduce oil production by 520,000 barrels a day within the next 40 days as affirmed by Algeria’s Energy Minister, currently the Chairman of the group.
Reports indicated that OPEC would peg its production capacity previous to the revealing of the agreement. The reports had allegedly led to a fall on the North Sea Brent crude below 100 US Dollars a barrel, the first dip below 100 in 5 months.
Nonetheless, during the OPEC meeting in Vienna, Austria; the group confirmed that Indonesia has temporarily suspended its membership. The group expressed its regret on the matter and stated that it would remain hopeful for an expedient return to membership for Indonesia.
Source : National News Bureau, Public Relations Department of Thailand