OPEC consensus to one million bpd cut: Algerian minister

0 Comments | AFP, October, 2006

ALGIERS (AFP) — OPEC is set to announce a cut in its production by one million barrels of oil a day to check the slide in global prices, Algeria's Energy Minister Chakib Khelil has said. He said the Organization of the Petroleum Exporting Countries would make the announcement during a meeting in Doha between October 18 and 21.

"All the member countries have reached agreement to reduce OPEC production by a million barrels a day," he said, adding that the move "would certainly have a direct impact on the market". A spokesman for the current Nigerian presidency of OPEC later told AFP in Lagos that the decision would be announced after a "consultative meeting" of the cartel in Doha on Thursday. "It's a consultative meeting of one day with an agenda obviously including the...