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Teen solves centuries-old math problem
VIENNA, Dec. 12 (UPI) -- The Organization of Petroleum Exporting Countries is likely to announce further production cuts at its meeting in Algeria next week, sources say.
Chakib Khelil, OPEC president and the oil minister for Algeria, told his contemporaries in the oil cartel "there is consensus" among its members to cut production quotas, the Platts news service reported.
A source to the energy reporting agency said the total production quota could not be determined ahead of the Dec. 17 meeting but noted it was "most likely" to pull back in an effort to control instability in the world energy sector.
OPEC in October moved to cut production by 1.5 million barrels per day as crude prices dropped below $50 per barrel, nearly $100 below the highs around $147 in July.
The Paris-based International Energy Agency said oil demand for 2009 would go up by 200,000 barrels per day to 30.6 million bpd as non-OPEC members slash oil production.
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