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
EBRD and Latvia has signed Share Purchase Agreements providing that following the increase of equity capital the EBRD will purchase 57,506,825 ordinary shares comprising 25% and 1 share of the Bank's equity capital.
more »
This dreamy scene of money raining down on Wall Street amid a deep recession has given a street artist a big break. Peter Zonis now exhibits his works in the lobby of an office building in New York's midtown Manhattan.
more »
During the draw another five winners of the Danske Bankas monthly Scholarship award were announced.
more »
Within January - March this year, the turnover on the accounts of AB Bank SNORAS payment cards increased by LTL 202 million or 18 per cent and on 31 March this year reached LTL 1.3 billion.
more »
Fitch Ratings affirmed AB DnB NORD Bankas short term borrowing rating F1, individual rating “C/D” and the support rating “1”.
more »
Taking into account changes on international and domestic money markets AB DnB NORD Bankas has changed individual and corporate customers time deposit rates.
more »
The G-20's response to the world food and financial crisis, and efforts to make ACP-EU economic partnership agreements flexible enough to meet development needs, took centre stage at the 17th session of the ACP-EU Joint Parliamentary Assembly in Prague from 4 to 9 April.
more »
European aviation will be governed by more efficient rules, leading to shorter flights, fewer delays and reduced fuel consumption, thanks to the adoption today by the European Parliament of the “Single European Sky II” legislation.
more »
Late payment for work performed, a perennial problem in Europe, is now hampering recovery from recession.
more »
On 8th April 2009 International Rating Agency Fitch Ratings has changed Bank SNORAS Long-Term Issuer Default Rating to ‘B+'.
more »