VIENNA, September 16 (RIA Novosti) - The Organization of the Petroleum Exporting Countries (OPEC) may decide to lower its oil output from 30 million barrels per day to 29.5 million, OPEC Secretary General Abdalla El-Badri, said on Tuesday.
"I think our target next year will be lower, may be by 500,000 barrels," El-Badri told reporters at the group's headquarters in Vienna.
"This is an outlook, this is not a decision," he said, adding that the decision could be made at the next regular OPEC ministerial meeting scheduled for November 27.
El-Badri reiterated he was not overly concerned about the current drop in oil prices and said he expected them to rebound by the end of this year.
OPEC is an international organization established in 1960 to coordinate crude oil sales and pricing. The original OPEC members were Iran, Iraq, Kuwait, Saudi Arabia and Venezuela, but they were joined later by Qatar, Indonesia, Libya, the United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon and Angola.
The organization members control around two-thirds of the planet's discovered oil deposits. OPEC handles 40 percent of the world's oil production and 50 percent of the world's oil export.