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Opec may reduce supply
- United Arab Emirates: Saturday, September 06 - 2008 at 09:23
PFC Energy said in a report that a consensus is building within Opec on the need to reduce oil output to prevent a supply overhang and prop up prices, Reuters has reported. Opec will meet on September 9. Extra Saudi oil and declining demand from slowing economies in the West were seen as factors in lower crude prices, which have gone down to around $110 a barrel.
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Medilyn Manibo, Assistant News EditorSaturday, September 06 - 2008 at 09:23 UAE local time (GMT+4)
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This article was updated on Sun Sep 07 2008.
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