OPEC agrees one million barrell per day output cut: Venezuela

0 Comments | AFP, October, 2006

DOHA (AFP) — OPEC has agreed an oil output cut of one million barrels a day but has yet to decide whether it will be based on official quotas or actual production, Venezuelan Energy Minister Rafael Ramirez has said. "Most important here is that we believe that OPEC have the consensus to cut one million bpd," Ramirez said in English on his arrival in Doha ahead of the cartel's extraordinary meeting Thursday.

"We are going to cut one million bpd," he said, adding that the move would help to stabilise the market. Asked if the cut would be to quotas or actual production, Ramirez said: "We are going to discuss this matter inside OPEC." © 2006 AFP