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
Between 2000 and 2008 EU27 trade in goods with China more than tripled in value, with EU27 exports to China rising to 78 billion euro in 2008 compared with 26 bn in 2000, and imports rising to 248 bn from 75 bn.
more »
The first estimate for the euro area (EA16) trade balance with the rest of the world in March 2009 gave a 0.4 bn euro surplus, compared with -2.3 bn in March 2008.
more »
On May 18 this year, AB Bank SNORAS begins to distribute two emissions of one-year fixed interest bonds.
more »
Taking into account changes on international and domestic money markets AB DnB NORD Bankas, a member of international financial group, has changed time deposit rates for individual customers.
more »
The 25-year Sri Lankan civil war looks to be in its final throes.
more »
The sheer scale and nature of taxpayers' cash claimed as allowances by Britain's lawmakers has stunned the nation.
more »
The European Commission has decided to send a formal request to Lithuania regarding the award of a works contract by Lithuania Railways for the modernisation of the railway radio communication system through the introduction of a GSM-R system.
more »
The speed and depth of the financial crisis has been brutal and over the last year MEPs have been hard at work on a two-fold approach to the crisis.
more »
The Group commits to reducing its CO2 emissions by 30% by 2020 supporting the “20-20-20” goal set by the EU.
more »
This weekend, in the second round of Le Mans Series championship on SPA track, in Belgium, SNORAS Spyker Squadron team that participated there took the fifth high position.
more »