OPEC calls production cuts possible

Jan. 29, 2009 at 1:20 PM
| License Photo

DAVOS, Switzerland, Jan. 29 (UPI) -- OPEC Secretary General Abdalla Salem El-Badri told world leaders in Switzerland that oil priced at $50 a barrel would not fund new oil field development.

"I hope the price will pick up … a $50 price will not permit us to invest," he said at the World Economic Forum in Davos, Switzerland, Thursday, The Times of London reported.

Members of the Organization of Petroleum Exporting Countries "are not happy with $40, even $50 a barrel," he said.

He said OPEC members "will not hesitate to take some quantity out of the market," if prices continue to fall.

Oil was priced at $41.20 on the New York Mercantile Exchange Thursday morning.

Related UPI Stories
Latest Headlines
Trending Stories
House Majority Leader Kevin McCarthy drops bid for speaker
WikiLeaks offering $50K for video of Afghan hospital bombing
Murdoch sorry for implying Obama's not a 'real black president'
Reid sues exercise companies over eye injury
Lumber Liquidators to pay $10M in DOJ settlement