OPEC intends to cut output

OPEC intends to cut output and the issue is to be discussed at the cartel’s meeting in Vienna on October 24, OPEC President Chakib Khelil said. “Production volumes are to be cut and the reduction is to be significant in order to balance supply and demand” - said Chakib Khelil. The cartel’s head went on to say on Saturday that he views the bottom of oil prices in the range of USD 70-80 a barrel. On Sunday Iran also called upon cartel members to slash output. Tehran has proposed decreasing production by 1-3 mn bpd due to the global financial crisis and weaker demand for crude.