Major oil producers will meet in order to decide upon the reduction of the production and majoring the price for crude oil

This week, representatives of the Organization of the Petroleum Exporting Countries (OPEC) will participate in an urgent meeting, at Doha, the capital of Qatar, for discussing upon the reduction by a million barrels a day of the oil production, official sources from OPEC announced, cited by foreign press-agencies. According to a representative of the United Arab Emirates contacted by the German agency “Bloomberg”, Doha assembly will take place on Thursday, October 19. The cited source also specified that OPEC members have been informed about the meeting by the secretary general of the organization, the Nigerian Mohammed Barkindo. At the moment the production of OPEC is of 20 mln barrels a day, and the group plans a reduction, in order to increase the price of crude oil. Last week, the price of oil reached the lowest level for the last ten months, being priced at USD 57.22 per barrel. At the end of the week, the price partially increased and exceeded USD 59. This happened after Norway ceased activities at two oil fields which were assuring 13% from the total production of the country, for improving measures for labor protection. Still, OPEC considers the price of USD 65 per barrel to be a reasonable one.