Opec may slash production at November meeting

London/Dubai:Opec is "very likely" to cut oil production at its extraordinary meeting in Vienna on November 18 because prices have fallen ""dramatically," Chakib Khelil, the group's president, said. The Organisation of Petroleum Exporting Countries announced the meeting Thursday after the global financial crisis sent crude prices below $90 (Dh330.70) a barrel. "The decision will very likely be to cut production," Khelil said in a telephone interview. Qatari Oil Minister Abdullah Bin Hamad Al Attiyah and Shokri Ganem, chairman of Libya's National Oil Corp, had earlier told Bloomberg that they backed such a summit next month. Opec was scheduled to next meet on December 17 in Algeria. The "reasons for the fall of oil prices will be considered in this meeting," Iranian Oil Minister Gholam-hossein Nozari said Thursday, according... [read full story]