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Oil falls below USD 53 per barrel

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    • Reuters Tags : markets international, crude oil, price Posted: Thursday , Nov 20, 2008 at 1201 hrs
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    OPEC ministers gather for informal talks on a further oil supply cut in Cairo on Nov. 29, having already decided last month to reduce output by 1.5 million barrels per day. They are scheduled to meet again on Dec. 17 in Algeria.

    But OPEC's President Chakib Khelil said in remarks published on Wednesday OPEC was unlikely to act on output in Cairo because members will not know whether previous reductions have been applied.

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