OPEC Could Damage World Energy Demand

London, MONDAY - The State Oil Organization (OPEC) could damage the world's energy demand if the oil producers cartel cut production again in this weekend, so the energy consultants CGES warned on Monday (15/12) local time.

The Minister of OPEC will meet in Oran, Algeria, Wednesday, for meetings to discuss problems and production is estimated to cut production in an effort to encourage price answer that concern by the world recession.

Decisions are sharply lower production can encourage high oil prices, this will be labeled as a step brake economic growth through increased prices for companies and consumers.

CGES estimates, global demand next year will be down to half a million barrel per day because of consumer countries to reduce energy demand as a result of he worldwide recession and oil prices rebound.

Some analysts predict a decrease of between 1 million and 2 million barrel official production quota from OPEC.

OPEC, which produces 40 percent of world oil has now agreed to the reduction 2 million barrel per day this year in an effort to encourage the oil market.

However, the price has experienced a decline around 70 percent since reaching a record high above 147 U.S. dollars per barrel in mid-July.

According to CGES, some OPEC member countries want the price of oil above 70 dollars per barrel in the effort to balance their budgets. (Kompas)