(November 29, 2008)--OPEC has ended a meeting in Cairo without announcing new output cuts to boost oil prices.
The oil producing group's president, Chakib Khelil, said OPEC will wait until a meeting in Algeria on Dec. 17 to decide whether to cut additional crude supplies from the market.
Khelil says oil ministers of the Organization of Petroleum Exporting Countries "agreed to take any additional action on 17th of December to balance supply and demand."
His comments Saturday came after the group convened what it called a consultative meeting in Cairo to take stock of market situations and to asses whether members were complying with a 1.5 million barrel per day output cut announced Oct. 24 in Vienna, Austria.
Khelil said preliminary data indicate members are complying.
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