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| The Business of... |
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| Opec |
| With oil prices falling below $50, everybody is closely watching the Organization of the Petroleum Exporting Countries (Opec) to see whether the body will be able to bring about any change. |
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 The Organization of Petroleum Exporting Countries (Opec), is a permanent intergovernmental organization, currently consisting of 13 oil producing and exporting countries. Its members produce about 40 percent of the world's crude oil and 18 percent of its natural gas. Its oil exports represent approximately 55 percent of the crude oil traded internationally.
The global economic slowdown has pushed oil rates down substantially, and Opec president Chakib Khelil, recently said that the group would announce a cut in production at its meeting on December 17 if oil remained below $60 a barrel.
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