LONDON, Mar 10, 2009 (Dow Jones Commodities News via Comtex) -- OPEC is concerned about the continued decline in oil demand and is ready to make decisions to balance the market when it meets Sunday, the organization's president said Tuesday.
"The profound impact of the economic crisis on oil demand is proven by its continuous reduction, pushing up oil inventories despite the measures taken by OPEC countries to reduce the excess supply of oil on the market," Jose Botelho de Vasconcelos, who is also Angola's oil minister, was quoted as saying by state agency Angola Press.
"OPEC, on the eve of its meeting March 15...is ready to take the decisions that will result in the stability of the oil market," he added.
The Organization of Petroleum Exporting Countries decided last year to reduce its production by a total of 4.2 million barrels a day in three separate meetings.
-By Benoit Faucon, Dow Jones Newswires; (44) 207 842 9266; benoit.faucon@dowjones.com
(END) Dow Jones Newswires
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