OPEC consulting on emergency meeting-Algeria

By Staff
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Google Oneindia News

ALGIERS, Jan 13 (Reuters) OPEC members are consulting one another on whether to hold an emergency meeting to discuss a 15 percent price drop since the start of the year, Algerian Energy and Mines Minister Chakib Khelil said today.

''There are consultations, but no consensus for the moment (on whether to hold one),'' he said in brief remarks to reporters.

Asked whether OPEC was planning to cut output again, he replied: ''We have already decided to cut production by 500,000 barrels per day (bpd) from February. If there is another decision to cut output, I would completely support the consensus decision.'' Yesterday, the Dow Jones news service quoted a senior OPEC delegate as saying the producer group was discussing whether to hold an emergency meeting around January 20-21.

OPEC President Mohammed al-Hamli, also UAE oil minister, said on Thursday OPEC was deeply concerned by the price drop and stood ready if necessary to bolster the world market.

Mild weather so far this winter has curbed oil demand and pressured prices, blunting the impact of OPEC's planned 500,000 barrels per day cut in supply from February 1 that added to a 1.2 million bpd reduction last year.

Reuters AB GC2244

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