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Commodities Briefing - Categorized | Market Moves, Oil, Regulatory more

Saudis call for record cut in Opec output

Posted on 17 December 2008

From FT: Saudi Arabia today called on Tuesday for the biggest production cut in the history of the Opec oil cartel in an effort to counter collapsing oil prices that have plunged more than $100 in the past six months.

Ali al-Naimi, Saudi Arabia’s powerful oil minister, called for output cuts of about 2m barrels a day, on top of the 2m cuts already pledged over the past two months, to offset the effect of the global slowdown on demand for oil….. Full Article: Source


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