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Friday, October 10, 2008

Qatar reduces oil output in bid to spur prices

ABU DHABI — What goes around, comes around. Qatar has cut crude oil output in an effort to bolster falling prices.

Qatar has reported a slight drop in oil output in wake of OPEC's decision on Sept. 9 to maintain output levels, Middle East Newsline reported. Officials said Qatar, who in September 2008 produced 880,000 barrels per day, has reduced oil output by more than 50,000 barrels per day. "We are cutting to restrict ourselves to the official quota, as we agreed in the OPEC meeting," Qatari Energy Minister Abdullah Bin Hamad Al Attiyah said. "It is small amounts."

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At this point, Hamad said, Qatar was not under pressure to increase oil production. The price of oil has skyrocketed to nearly $130 per barrel amid the global credit crisis.
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