10/10, 2:57 PM (Source: TeleTrader)
more TeleTrader news

Barkindo: Output cut in December is possible

The United States is invited to join the global coordination bodies set up by the Organization of the Petroleum Exporting Countries and Russia's bloc of oil producers, Mohammad Barkindo said on Thursday. OPEC's secretary general revealed the meeting scheduled for December is for "strong decisions" and added the participants would examine "all options," not rejecting the possibility to lower output of crude.

The cartel doesn't foresee a recession in the world, he asserted as it published its monthly report for September which showed drops in production and the outlook for supply and demand. However, Barkindo acknowledged there are several risks with downward potential.

Russia's President Vladimir Putin stayed committed to the current quotas, he claimed. The so-called OPEC+ has lowered exploitation volumes to counter a decline in prices.

Breaking the News / IT