The Organization of Petroleum Exporting Countries (OPEC) has announced reduction of its production by 1.2 million barrels daily, effective next November 1st, of which Kuwait 's share is 100 thousand barrels daily. A statement released by the organization following the meeting said in view of the OPEC's concern for the oil market stability, it has decided to carry out this reduction as a temporary precautionary measure of the current production amounting to 27.5 million barrels daily to 26.3 million barrels after the reduction. The statement added that this temporary measure will be reviewed during the next extraordinary meeting in Abuja next December 14. It explained that members convened entrusted the OPEC secretariat to closely follow up the oil market. It pointed out that the decision affirms the OPEC ministers' concern for the market stability and achieving balance between supply and demand. The ministers confirmed in their meeting that the measures taken by the OPEC over the pat few years contributed in stabilizing the market for the benefit of producers and consumers.