|
OPEC ministers move to reduce production levels
|
|
Oil ministers from OPEC have expressed their support of an imminent reduction in production levels.
Both Iran, OPEC's second largest producer, and Algeria have publicly endorsed the proposal.
Edmund Daukoru, OPEC president and Nigeria's oil minister said there was "more or less" consensus for a one million barrel per day reduction. The decision comes after oil dropped to below $60 a barrel. |
The proposed reduction would be based on an official production level of 28 million barrels per day. While a meeting is scheduled for 14 December, Opec members have talked recently of the possibility of an emergency meeting before then.
|
