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Oran meeting has come following the record drop of oil prices last Monday, while hitting down $39 a barrel. Therefore, oil market control committees’ experts are expected to submit, to OPEC oil ministers, a detailed report containing the current situation of the market; impacts of the previous decision and the extent to which the latter has been respected by OPEC member countries. To recall, several agencies specialized in following up oil market have disclosed that OPEC has dropped its output only by 880 thousand barrels a day in last November, instead of 1.5 million barrels as recommended by Vienna Meeting in 24 October 2008. In a word OPEC member countries have not respected their commitments. This issue is to be debated during Oran Meeting, noting that OPEC Chairman, Chakib Khelil (Algeria’s Energy Minister), has stressed on preserving the integrity of the organization, while urging respecting and committing to engagements taken in terms of reducing outputs by 1.5 million barrels a day. On another side, well informed sources told El Khabar that Homeland Security Department (DGSN) has mobilized 4 thousand policemen to secure OPEC meeting in Oran. | ||||||||||||||||||
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OPEC likely to drop output by 1.5 mln barrels a day during Oran Meeting