Rus News Journal

The OPEC has lowered oil extracting volume on 520 thousand barr./ day

the Organization of the countries - exporters of oil (OPEC) at session passing today in Vienna has made decision to lower volume of oil extracting to 28,8 million barr./ day.
in connection with an oil overabundance in the market, at session the decision to adhere to an oil extracting quota at level of September 2007 was accepted., which is corrected taking into account inclusion in cartel of new members, Angola and Ecuador, but without inclusion of Indonesia and Iraq - it is told in the OPEC communique, transfers Reuters.
As the president of OPEC Shakib Halil has declared, this step will lower oil extracting volume on 520 thousand barr./ day, or on 1,8 % in comparison with level of July 2008.
the decision that following session of the OPEC will pass on December, 17th 2008 Also was accepted. In Oran (Algeria).
we Will remind, the OPEC at session in Vienna on March, 5th of this year has made decision to keep oil recovery volume at former level. Earlier at session on February, 1st of this year the existing volume of oil extracting prior to the beginning of II quarter of this year Since December, 1st 2007 has decided to keep the OPEC. The quota of oil extracting for 10 countries of cartel where do not enter Angola, Iraq and Ecuador, makes 27,253 million barr./ day. The OPEC decision has been caused by fears of that oil consumption will be reduced from - for possibilities of economic recession in the USA and seasonal reduction of demand traditional for II quarter to energy carriers.