OPEC delays output cut decision

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The Organization of the Petroleum Exporting Countries has deferred a decision on a further cut in crude production until a meeting in Algeria on December 17, the president said on Saturday.
CAIRO, November 29 (RIA Novosti) - The Organization of the Petroleum Exporting Countries has deferred a decision on a further cut in crude production until a meeting in Algeria on December 17, the president said on Saturday.

Chakib Khelil, who is also Algeria's minister for energy and mines, said the cartel's member states will adhere to the level of 27.3 million barrels a day, agreed last month.

OPEC oil ministers convened in Cairo on Saturday to deal with a plunge in prices caused by falling crude demand amid the global economic meltdown.

Crude prices dropped from $147 per barrel to lower than $50 over a few months, which forced the cartel to meet in Vienna on October 24 and announce a 1.5 million-barrel cut in daily crude production.

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