Opec has agreed informally that it needs to cut production by at least 1m barrels a day – at least 4 per cent – in order to boost the falling price of oil.| "Mr. Chavez, you have a call on the white courtesy phone. White courtesy phone, Mr. Chavez." |
Saudi Arabia, OpecÂ’s most important member, is unhappy with the move towards voluntary cuts, but at the same time the kingdom has already quietly cut its production by 200,000 barrels a day over the past two months. It would rather reach a clear public position at the cartelÂ’s meeting in Abuja. However, yesterday the kingdom sharply increased the price it charges European refineries for its oil, making it likely that there will be a further drop in volumes in November.