OPEC will reduce oil production by two million barrels a day.

KommentariiOstanovit oil deflyatsiyu02.12.2008OPEK not become a reduction of oil production and appealed for help to RossiiOrganizatsiya of countries - Petroleum Exporting (OPEC) at its regular meeting on December 17 announced the reduction of oil production at two million barrels per day. This statement was made by Minister of Petroleum of Saudi Arabia Ali al-Nuaymi (Ali al-Nuaimi), reported AFP. In the middle of this year, the OPEC daily oil production exceeded 30 million barrels a day.
In September and October, the OPEC umenshala twice the quota for oil production to stem falling prices. Last time the extraction of raw materials was reduced by 1.5 million barrels a day.
The fall in oil prices on world markets was due to the global financial crisis, which slowed economic growth and reduce the consumption of commodities. If, in mid-2008, the value of barrel of oil reached a record 147 dollars in December - fell below 45 dollars. According to OPEC, the ideal price for oil was 70-90 dollars per barrel.
OPEC also expects to keep oil prices from falling with the help of other countries outside the cartel, including Russia, Norway and Mexico. According to the president of OPEC Shakiba Helilya, these states must either reduce oil production or join the organization. The latter will become OPEC monopoly in the market and enhance the impact on oil prices.