Oil output cuts to be discussed

16 October 2006

A meeting of the Organization of Petroleum Exporting Countries (Opec) is to take place this week to discuss output cuts, according to Qatar's energy minister Abdullah bin Hamad al-Attiyah.

The official was quoted by QNA news agency as saying the unexpected meeting would take place on Thursday, during which would be discussed: "details of a reduction of one million barrels per day in the cartel's effective production, in an effort to check the fall in prices" on the international market, the agency reported.

News comes as the price of London Brent crude oil rose by 64 cents to $60.16 (£32.35) a barrel on London's ICE Futures exchange.

Spokesman for Opec member Nigeria, Levi Ajuonuma, said that the meeting would take place on the 19th as reported: "It will be a one-day consultative meeting at which the agenda will focus on the question of a reduction in output and its distribution among member states," he said.

The impromptu meeting has been scheduled ahead of the planned December conference and members are to discuss cutting production by one million barrels a day, according to Mr al-Attiyah.