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DateLine Friday, 26 December 2008

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OPEC chief vows to stop oil price slide

OPEC's president said Friday the cartel would keep reducing output until oil prices stopped falling, just days after the 13-member group approved the biggest production cut in its history.

"We will continue this reduction until the price will stabilise," Algerian Oil Minister and OPEC president Chakib Khelil told reporters on the sidelines of a meeting of 27 oil producing and consuming nations in London.

On Wednesday, the Organisation of Petroleum Exporting Countries agreed to cut output by 2.2 million barrels per day (bpd) at a meeting in Oran, Algeria.

LONDON, AFP

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