OPEC May Cut Production by 2 Million Barrels a Day, Khelil Says

OPEC May Cut Production by 2 Million Barrels a Day, Khelil Says


Oct. 19 (Bloomberg) -- Chakib Khelil, president of the Organization of Petroleum Exporting Countries, said members may agree to cut crude-oil output by 1 million to 2 million barrels a day as demand drops in a weakening world economy.

``There is a consensus to reduce production but there is no agreement on how much to cut,'' Khelil, who is also Algeria's oil minister, said on Algerian TV.

Khelil said he expects that 2009 will a tough year as economic weakness persists.

``We need to be ready to stabilize the market in cooperation with non-OPEC countries,'' he said.

A reduction of 2 million barrels would be about 6 percent of the 32.2 million barrels a day OPEC pumped last month, based on Bloomberg News estimates.

BLOOMBERG