OPEC president rules out special meeting to cut output

The Organization of Petroleum Exporting Countries (OPEC) President Chakib Khelil ruled out on Saturday an extraordinary meeting of the oil producers' group to decide whether to cut oil production. Market talk has it that the OPEC will announce a cut in supply this Friday. Khelil was quoted as saying that consultations among OPEC members and with non-OPEC producers were continuing in an effort to stabilize oil prices at around US$25 a barrel. Meanwhile, the OPEC is scheduled to hold a meeting on Nov. 14.

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