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ALGIERS (AFP) – OPEC should order a "substantial" cut in oil output at next week's emergency meeting in Vienna, Algerian Energy Minister and current OPEC chief Chakib Khelil said Saturday.
"There will be a reduction in production at the next extraordinary meeting of OPEC, and it will have to be a substantial one to get the balance right between supply and demand," he told reporters.
"If it has to be 1.5 million barrels per day, or two million barrels per day, that's what it will be," Khelil added, during a visit to the southern Algerian province of Tamanrasset.
Originally posted by mythatsabigprobe
But you don't extend that theory to the owners of the resources the oil companies plunder daily, many of which rely on a price of close to $70 a barrel just to balance their country's budgets and not be selling oil at a nett loss.
Originally posted by Vitchilo
Yeah, keeping it at reasonable prices... between 70 and 90$... HELL it was 60$ in 2005, before the Iraq war 30$ and in 91 before the first gulf war, 10$! We're being raped.