OPEC ministers approve 5% cut: Reduction starts Feb.1
Published:
20 January 2001 y., Saturday
The Organization of Petroleum Exporting Countries agreed Wednesday on a substantial reduction in crude supplies that aims to keep oil prices afloat near $25 a barrel. Ministers backed a proposal from Saudi Arabia for a cut of 1.5 million barrels a day that lowers limits for 10 members to 25.2 million.THE CUTS, which are to take effect Feb. 1, are aimed at keeping crude prices firm ahead of an expected slowdown in U.S. economic growth and diminishing seasonal demand for refined products such as heating oil. OPEC adopted the policy despite fears among major importing nations that it could spell trouble for the slowing economies of the West by raising energy costs again.
The United States and the European Union had urged producers to make only a modest reduction.After the deal, U.S. light crude eased 54 cents a barrel to $29.75. London Brent blend lost 51 cents to $25.00.
Šaltinis:
Associated Press
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
A specific EU budget line for the new EU stabilisation mechanism should be created as soon as possible, to ensure its credibility, Council, Commission and Parliament negotiators agreed at a three-way meeting on Wednesday.
more »
New EU rule will help phone-users avoid astronomical bills for web-surfing and downloads abroad.
more »
The Communication approved today by the Commission builds on the principles presented on 12 May to reinforce the economic governance in the European Union.
more »
Eurostat report just published shows that the crisis has brought some lower taxes.
more »
New legislation is needed to ensure fair returns to farmers and transparent prices to consumers, by enforcing fair competition throughout the food supply chain, said Agriculture Committee MEPs on Monday.
more »
Fish imports play a crucial role in supplying the European market, yet fisheries and aquaculture are strategic sectors that do not lend themselves to a purely free-trade approach, believes the EP Fisheries Committee.
more »
I will support every proposal that strengthens cooperation among the European Union's Member States and serves Lithuania's interests," President of the Republic of Lithuania Dalia Grybauskaitė said at the meeting with EU Member States' ambassadors resident in Lithuania.
more »
The fourth World Lithuanian Economic Forum “High tech innovation & investment: local to global” will start in London on 22 June.
more »
Lithuania aims for the five Nordic countries and three Baltic States to become single community of values, which would be linked by a versatile quality of democracy, security and everyday life.
more »
MEPs decided on Wednesday to create a special committee to prepare for the EU's next long-term budgetary framework.
more »