OPEC to decide on output cut in December

By: Our Staff Reporter | November 29, 2008, 3:10 pm |
OPEC was set on Saturday to leave until December a decision on whether to cut oil output, despite a continuing drop in prices, which have plunged by nearly-two thirds since July. Ali al-Nuami, oil minister of cartel kingpin Saudi Arabia, said ahead of a consultative meeting in Cairo that a firm decision on cutting production would be made only at a scheduled gathering in Oran, Algeria on December 17. "This (Cairo) meeting is a preparatory meeting for a more resolved and firm decision in Algeria," Nuaimi said.

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