Pausing for thought: Opec will wait to make important decisions
Opec holds big decisions for December
Opec will "very likely" take an "important decision" when it meets in the Algerian city of Oran on 17 December to stem falling oil prices, Opec President Chakib Khelil said today.
Khelil said the expected Opec move on supply in Oran could be of a greater magnitude than the one decided by the cartel on 21 October, when it agreed to cut its output by 1.5 million barrels per day.
"Opec must take a decision to stablise the market,: Reuters quoted Khelik as saying to reporters on a visit to Tunisia.
“We can not stabilise the market with the same decision which had been taken recently. Another more important decision would be needed on 17 December."
Khelil, who is also Algeria's energy and mining minister, reiterated his view that Opec ministers will not have enough data on the impact of their output cut when they meet first in Cairo on 29 November.
"In Cairo we will not have the complete data about the market," Khelil said.
"It's very possible that we will not take a decision until we will see the impact - this impact will not likely be seen until December."
"So, it is very likely that Oran's meeting would yield an important decision because demand has fallen very much and stocks are very high," he added.