Kuwait's oil officials have recently said that the Petroleum Exporting Countries (OPEC) could cut crude oil production next year in response to market demand decline. He said that OPEC's Monthly Oil Market Report released the latest forecast, the international market next year, the average daily demand for OPEC crude than the reduction of 0.46 million barrels a day this year, which means that the organization might cut production to stabilize oil prices.
He said that OPEC's production cuts will be a challenge, because all member states look forward to as the global economic recovery next year, will increase crude oil production. OPEC's ministerial meeting on the 9th of this month decided to maintain the current crude oil production unchanged. The organization released 15 monthly report predicted that in 2010 the international market demand for OPEC oil will be 28.06 million barrels per day.
Sep. 20, 2009
