The Organization of Petroleum Exporting Countries must decide on a "drastic" cut of oil production during its next meeting, OPEC president says. "The Oran meeting must decide on a drastic (production) cut to establish equilibrium between supply and demand," Chakib Khelil said during an interview on Radio Algerienne.
The next meeting is scheduled for December 17 in Oran.
He said that talks with fellow OPEC officials convinced him that "there is a consensus" that a production cut is necessary.
Earlier Thursday, the International Energy Agency said in Paris that global oil demand would shrink in 2008 for the first time in 25 years.