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OPEC eyes Cutting Output: UAE Agency | ASHARQ AL-AWSAT English Archive 2005 -2017
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DUBAI (Reuters) – OPEC oil producers are leaning toward cutting production by 1-1.5 million barrels per day at their October 24 meeting, the United Arab Emirates’ news agency WAM said on Friday, citing an OPEC source.

“An OPEC source expressed the belief that … a strong tendency among ministers at their meeting next Friday will be to carry out a sharp production cut of between 1 million and 1.5 million barrels per day from November 1,” WAM said in a report from Vienna, where OPEC’s headquarters are located.

The Organization of the Petroleum Exporting Countries said on Thursday it had brought forward an emergency meeting to discuss the impact of global recession on oil markets to Friday next week.