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Monday, December 22, 2008

OPEC worried member states won't honor cuts

ABU DHABI — OPEC has become concerned that its members may not comply with a decision to reduce crude oil production by 4.2 million barrels per day.

Officials said the 13 members of the oil cartel were hurting from the sharp drop in prices and needed to maintain revenues for military and civilian programs.

They said compliance with OPEC decisions in September and October 2008 — which called for a two million barrel per day cut — was no more than 50 percent, Middle East Newsline reported.

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"There is commitment in general to agreed [production] levels but there is a need to enhance it," Kuwaiti Oil Minister Mohammed Al Olaim said.

Al Olaim urged his fellow OPEC ministers to implement a decision on Dec. 17 to reduce oil production by 2.2 million barrels per day. The cut was scheduled to take effect in January 2009.

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