Saturday, March 14, 2009

OPEC concerned about falling oil demand

OPEC could cut production on weekend

Associated Press — Slash oil output to boost revenues but risk deepening the world's economic woes? Rarely have OPEC oil ministers faced a tougher choice.
The Organization of the Petroleum Exporting Countries meets in Vienna Sunday, where they could reduce daily production by up to half a million barrels, or do nothing.
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Venezuela Says OPEC Should Promote Non-Member Production Cuts

Bloomberg — The Organization of Petroleum Exporting Countries should seek to sway non-members to trim oil output to bolster the price of crude, said the head of Venezuela’s Energy and Mines Commission.
OPEC should “intensify diplomatic efforts” to convince Russia to join the organization, said Angel Rodriguez, president of the legislative commission. The addition would boost the group’s output to 50 percent of global petroleum production from 40 percent, Rodriguez said in an e-mailed statement. Control of fossil-fuel reserves would reach 80 percent of the world’s total.
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OPEC set to keep oil production quotas unchanged

Reuters — OPEC oil producers are likely to keep their official oil production targets unchanged when they meet on Sunday, choosing to enforce existing quotas rather than cut output further, a Reuters poll showed on Tuesday.
Nine of 14 analysts polled thought the Organization of the Petroleum Exporting Countries would agree to roll forward production ceilings when they meet in Vienna on March 15.
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