DOHA, 19 October 2006 — The Organization of Petroleum Exporting Countries will cut its output by one million barrels per day (bpd) to shore up sliding prices, Algerian and Qatari oil ministers said yesterday. “It’s a done deal — one million barrels,” said Algerian Oil Minister Chakib Khelil when asked about the amount OPEC ministers will cut in their consultative meeting in Doha today.
The minister said, however, that he was unaware of reports suggesting that the oil producers may decide on a larger cut. “I don’t know for the moment,” Khelil said when asked if OPEC could cut production by more than one million bpd.
Qatar’s Energy Minister, Abdullah Hamad Al-Attiyah, also said the organization will reduce output by one million bpd from current production. “If you take my opinion, I think I said it before (that) this will be from current production,” which is around 27.5 million bpd, or 500,000 barrels under the OPEC quota of 28 million bpd, Attiyah told reporters. “We have to send a real message to the market,” he said.
