Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) decided Friday in Vienna to cut their total production by 1.5 million barrels per day, DPA reported. "There is an oversupply, and the stocks are very high, " said OPEC President and Algerian Energy Minister Chakib Khelil, explaining the decision. The cut, down from the current quota of 28.8 million barrels per day, would be effective from the start of November, OPEC said in a statement. One barrel equals 159 liters. The price dropped by 0.55 dollars Thursday, to 60.27 dollars a barrel. The current economic crisis "has nothing to do with oil, I assure you," OPEC Secretary General Abdullah al-Badri told reporters. "We would like to have a reasonable income," he said. OPEC is scheduled to meet next in Oran, Algeria on December 17. Khelil said the ministers might meet again before that if "it was warranted."
