A further decrease of OPEC production

The Algerian Minister of Energy and Mines Chakib Khelil found Sunday in Algiers that it was "highly probable" that the Organization of Petroleum Exporting Countries (OPEC) agreed to a further decrease of its production at its next meeting in March in Vienna.

•     "It is likely that OPEC takes decisions on 15 March next year to further reduce production and help stabilize prices that are in decline," said Khelil, quoted by the Algerian APS agency.
  
      The Minister noted that previous production cuts agreed by OPEC in September (-4.2 million barrels / day) have prevented prices from falling further.
  
      "If OPEC had not decided the drop in September, October and December, we would not be at 40 Dollars a barrel but probably 20 dollars," he said, according to the same source.
  
      Mr. Khelil has warned that low prices could lead to a reduction in short-term investments, and thus lead to a tightening of supply when demand resumes in the next two or three years.
  
      The next ministerial meeting of OPEC is scheduled on March 15 at the organization's headquarters in Vienna. At the previous meeting on 17 December in Oran in Algeria, the ministers had decided to cut the cartel's production by 2.2 million barrels per day.
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• Ennaharonline/ M. O.