Crude jumps to $34.19 a barrel, highest price since Nov. _90.
Published:
8 March 2000 y., Wednesday
Oil prices shot above $34 a barrel on Tuesday as bickering among oil producers fed concerns that the Organization of Petroleum Exporting Countries will not be able to come to a quick agreement on increasing production when it meets later this month. Crude oil trading on the New York Mercantile Exchange today, jumped $1.95 a barrel to close at $34.19, the highest price since November 1990, three months after Iraq invaded Kuwait to trigger the Gulf War.
The price rise coincided with a fresh round of oil diplomacy among OPEC producers divided on the timing of any increase in supply and fearful the wrong move could trigger a price collapse.
The 11 nation organization is scheduled to meet on March 27 in Vienna where Iran, Libya and Algeria — among others — are expected to argue to maintain current quotas, while Saudi Arabia and Kuwait argue for production increases.
The United States and other countries, concerned by the depletion of global oil inventories, have aggressively urged OPEC producers as well as other large oil exporters like Mexico, to significantly boost exports. Currently, about 2 million more barrels of oil are consumed each day than are produced, and the shortages are showing up in huge price increases at U.S. gas stations.
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The World Bank is seeing a surge in demand from borrowers seeking the Bank’s expertise to mitigate currency and interest rate risk.
more »
The European Commission has approved under EU state aid rules a Lithuanian package intended to stabilise the markets as a response to the global financial crisis.
more »
Total cereal production in 2010 should be close to the average from the last five years. While the yield per hectare will be 5% above average, overall cultivated areas have decreased.
more »
According to the unaudited data, AB Bank SNORAS profit prior to provisions and tax exemption within the first half of this year comprised LTL 51 million, the bank formed almost LTL 48 million provisions.
more »
The European Commission today approved two applications from Denmark for assistance from the EU Globalisation Adjustment Fund (EGF).
more »
The European Investment Bank today signed two loans for a total amount of EUR 150 million in support of small and medium-sized enterprises (SMEs) in Turkey.
more »
On 23 July 2010 the Board of the Bank of Lithuania permitted Bank SNORAS to register a change to the articles of association related to the increase of the authorized capital of the bank by LTL 82.3 million up to LTL 494,217,107.
more »
Heads of State and top officials from the Central American Integration System and World Bank Group President, Robert B. Zoellick, agreed to join efforts towards regional cooperation and integration and adopted a comprehensive agenda that includes an action plan with more than 20 specific measures.
more »
The Executive Board of the International Monetary Fund (IMF) today approved the full cancellation of Haiti’s outstanding liabilities to the Fund, of about SDR 178 million (equivalent to US$268 million).
more »
The Executive Board of the International Monetary Fund (IMF) today completed the third review of Latvia's performance under an economic program supported by a Stand-By Arrangement (SBA).
more »