OPEC wants urgent action from Saudi Arabia

Beijing News.Net
Sunday 2nd November, 2008

The head of the OPEC cartel has said member countries must implement agreed production cuts if they want stable oil prices,

Chakib Khelil has said Saudi Arabiamust take the lead as it is the world's biggest oil exporter.

Mr Khelil said markets were waiting for OPEC countries to cut output, as agreed in Vienna last month, but said if Saudi Arabia took its time in cutting production, oil prices could be affected.

At the Vienna meeting it was decided to cut production by 1.5m barrels a day,or about 5%, in order to halt the slide in oil prices.

Qatar's Energy Minister, Abdulla bin Hamad al-Attiyah, hasmeanwhile rejected criticism over the production cuts, saying there was a lot of oil which no-one was buying because of the economic conditions.

Have your say on this story