Saudi Arabian minister says two million bpd cut needed
Saudi Arabian Oil Minister Ali Al-Nuaimi said here Tuesday, November 13 that a production cut of two million barrels per day of crude oil was needed in order to stabilize world prices.
"We are looking to a volume which will make supply and demand balanced... we need something around two million barrels" less in production, he said.
Al-Nuaimi's statement came on the eve of a meeting of ministers of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, where they are expected to agree to a fourth cut in output this year to rescue prices. — (AFP, Stavanger)
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