OPEC seeks to quell doubts over oil cut

OPEC oil producers on Saturday said they had already moved to rein in excess supply, a day after doubts over the group’s resolve to cut sent prices into a tailspin.

Oil prices fell 4 percent on Friday to the lowest level since July despite the cartel’s agreement to wipe out one million barrels per day (bpd) of excess supply from January 1. Top OPEC producer Saudi Arabia said on Saturday that it was not worried by the price fall. “Don’t panic,” said Saudi Oil Minister Ali al-Naimi. “I tell you it will go up on Monday.”

http://www.tehrantimes.com/Description.asp?Da=1/12/2005&Cat=9&Num=2