OPEC will cut its December production by a “good amount,” secretary general Abdalla Salem El-Badri told reporters yesterday.
“We can’t say how much the output cut will be in December but for sure there will be an action because we’re seeing that stocks are high,” he said, adding that the cut would be a “good amount.”
OPEC, which pumps 40 percent of the world’s crude and which is suffering from declining oil prices, decided at a meeting on Saturday in Cairo to freeze its output quota.
But any further decision regarding the cut will be decided at an upcoming meeting in Oran, Algeria on Dec. 17.
“The price of 75 USD [US dollars] is reasonable but our outlook is for between 70 to 90 USD per barrel,” El-Badri said in the Iranian capital, where he is attending an oil and gas seminar.
He has said over the weekend that he does not expect oil prices to recover before the middle of next year.
OPEC has already slashed output twice this year by a total of two million barrels per day in response to falling prices but fears of a global downturn continued to push prices lower.
Crude prices are down by more than 60 percent from record peaks of above US$147 seen in July.
The Ministry of the Interior (MOI) is to tighten rules for candidates running for public office, requiring them to declare that they do not hold a Chinese household registration or passport, and that they possess no other foreign citizenship. The requirement was set out in a draft amendment to the Enforcement Rules of the Public Officials Election and Recall Act (公職人員選舉罷免法 ) released by the ministry on Thursday. Under the proposal, candidates would need to make the declaration when submitting their registration forms, which would be published in the official election bulletin. The move follows the removal of several elected officials who were
The Republic of China (ROC) is celebrating its 114th Double Ten National Day today, featuring military parades and a variety of performances and speeches in front of the Presidential Office in Taipei. The Taiwan Taiko Association opened the celebrations with a 100-drummer performance, including young percussionists. As per tradition, an air force Mirage 2000 fighter jet flew over the Presidential Office as a part of the performance. The Honor Guards of the ROC and its marching band also heralded in a military parade. Students from Taichung's Shin Min High School then followed with a colorful performance using floral imagery to represent Taiwan's alternate name
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