Saudi Gazette - OPEC may cut oil output for first time in five years

Saudi Gazette - OPEC may cut oil output for first time in five years:

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The Organization of Petroleum Exporting Countries (OPEC) may move to slash its oil production for the first time in five years when it meets in December, responding to the surge in US shale oil.

According to The Wall Street Journal, OPEC could reduce production by half a million barrels a day.

The group’s latest report signaled that the US shale oil boom will cut into its share of the world market in 2014 even as world demand grows at its fastest clip in four years. The International Energy Agency also released a report last week that showed demand for OPEC oil next year will fail to meet its current production of around 30 million barrels a day."

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