ALGIERS, Oct 19 (Reuters) - OPEC oil producers may cut oil supplies in two rounds, one when they meet next week in Vienna and a second later on, to drain oil supply surplus off markets and firm up prices, the group president on Sunday.
'It is not clear that we will take the decision to reduce supplies by 2 million barrels per day, but it is very likely that we will take a reduction decision this time and another decision later on to ensure prices stability,' Chakib Khelil told Algerian state television.
The comments come before the Organization of the Petroleum Exporting Countries holds an emergency meeting on Oct. 24 in Vienna to discuss the impact of economic weakness on oil markets.
'I think firstly there is a consensus over the meeting among OPEC members, then an urgency for all members. So, there is no doubt that all members agree that oil inventories are very high and supply is higher than demand by around 2 million barrels per day,' Khelil said.
(Reporting by Hamid Ould Ahmed; Editing by Maureen Bavdek) Keywords: OPEC CUT/ALGERIA tf.TFN-Europe_newsdesk@thomson.com ak COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
'It is not clear that we will take the decision to reduce supplies by 2 million barrels per day, but it is very likely that we will take a reduction decision this time and another decision later on to ensure prices stability,' Chakib Khelil told Algerian state television.
The comments come before the Organization of the Petroleum Exporting Countries holds an emergency meeting on Oct. 24 in Vienna to discuss the impact of economic weakness on oil markets.
'I think firstly there is a consensus over the meeting among OPEC members, then an urgency for all members. So, there is no doubt that all members agree that oil inventories are very high and supply is higher than demand by around 2 million barrels per day,' Khelil said.
(Reporting by Hamid Ould Ahmed; Editing by Maureen Bavdek) Keywords: OPEC CUT/ALGERIA tf.TFN-Europe_newsdesk@thomson.com ak COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.