World oil prices have fallen more than 50% from their record highs of $147 per barrel in July, as the global credit crunch has brought fuel demand down in most oil-consuming economies.
In a move to keep prices within the range of $70-90 per barrel acceptable for oil producers, OPEC made a decision on October 24 to cut oil output by 1.5 million barrels a day from November 1. Chakib Khelil, OPEC president and Algeria's oil minister, said further production cuts were possible.
"We see that some OPEC countries, accounting for quite a large share of the oil market, are now proposing to cut oil production and delivery to the market even further. In particular, there are talks of reducing production by 10%," Gazprom CEO Alexei Miller told Russia's Channel One.
He said the prices of raw materials, oil, and the value of companies' shares did not reflect their fundamental value.
