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OPEC to cut output by 520,000 bpd, Indonesia leaves oil body

OPEC to cut output by 520,000 bpd, Indonesia leaves oil body
Sep 9 09:54 PM US/Eastern

The OPEC oil group has agreed to cut its real output by 520,000 barrels per day in the next 40 days, OPEC’s President and Algerian Energy Minister Chakib Khelil said Wednesday.

When asked about the size of a proposed cut to OPEC’s current production, Khelil replied: “I think if you do your own calculations, it is a cut of 520,000 barrels per day.”

News of the planned cut in output comes as the oil exporting body announced that Indonesia had suspended its membership of the cartel.

“The conference regretfully accepted the wish of Indonesia to suspend its full membership in the organisation and recorded its hope the country would be in a position to rejoin the organisation in the not too distant future,” OPEC said in a statement at the end of a meeting here.

Copyright AFP 2008

http://www.breitbart.com/article.php?id=080910015417.g2ck3v2z&show_article=1

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