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[Published: Thursday October 23 2008]

OPECsextraordinary meeting decides cut of production by 1.5 mb/d

Vienna , 24 Oct. (ANA) - The 150th (Extraordinary) Meeting of the Conference of the Organizationof the Petroleum Exporting Countries (OPEC) convened at OPEC

Headquarters, Vienna, Austria, on 24October 2008, under the Chairmanship of

Dr Chakib Khelil, Minister of Energy and Mines of Algeria and Head of itsDelegation, decided to decrease the current OPEC-11 production ceiling of28.808 million barrels a day by 1.5 mb/d, effective 1 November 2008.

This decision will be reviewed at the Extraordinary Meeting of the

Conference scheduled to convene in Oran, Algeria, on 17December 2008. In the interim, the Conference requested the Secretariat tocontinue to closely monitor the market.

Member countries strongly emphasizing their firm commitment to ensuringthat the

volumes they supply to the market are reduced by the individually agreed

amounts, as shown below.

Decrease (b/d)

Algeria 71,000

Angola 99,000

Ecuador 27,000

I. R. Iran 199,000

Kuwait 132,000

Libya 89,000

Nigeria 113,000

Qatar 43,000

Saudi Arabia 466,000

U.A.E. 134,000

Venezuela 129,000

Total 1,500,000. (ANA)

AB/ANA/ 24 October 2008 ---

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