OPEC cuts as markets deteriorate

Oct 24 - OPEC President Chakib Khelil says the oil producing cartel could meet again if prices continue to drop.

Speaking in Vienna, after ministers of the Organization of Petroleum Exporting Countries agreed to a 1.5 million barrel per day cut from November 1, Khelil said OPEC would watch global markets to decide whether to call another meeting.

The organisation is scheduled to meet again for a regular conference in December.

In the minutes after the cut was announced, oil fell to 16-month lows, with London Brent crude trading at $62.50 per barrel.

That's down from a record high of $147 in July, as demand has dropped sharply in the United States and other major industrial countries.