Brent crude oil for December have slid to $17.99 a barrel on the International Petroleum Exchange in London, as observers fear the start of a fight between the Organization of Petroleum Exporting Countries (OPEC) and oil-producing countries
Published:
17 November 2001 y., Saturday
Brent crude oil for December have slid to $17.99 a barrel on the International Petroleum Exchange in London, as observers fear the start of a fight between the Organization of Petroleum Exporting Countries (OPEC) and oil-producing countries that are not members, including Russia. Prices are down almost 50 percent in the past 12 months and have reached the lowest point in the last 28 months.
OPEC pumps a third of the world's oil. Yesterday the organization refused a fourth cut in output this year unless non-members also lower shipments.
Russia, currently the world's second-largest supplier after Saudi Arabia, has offered to cut production by 30,000 barrels a day. However, Saudi Oil Minister Ali al-Naimi called the reduction "extremely unreasonable." Al-Naimi was in Moscow earlier this week for talks with Russian officials.
OPEC has agreed to lower production by 1.5 million barrels a day on Jan. 1, on condition that non-OPEC producers also cut 500,000 barrels a day.
Another oil producer, Norway, is opposed to making production cuts.
Russian oil producers have rejected OPEC's request. Yukos Oil major's Chief Executive Mikhail Khodorkovsky, who runs Russia's No. 2 oil company said on Thursday that `"OPEC's proposals are not acceptable for Russia."
Šaltinis:
allnews.ru
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 EBRD is making a €4 million equity investment in Geofoto, a Croatian geodetic company offering mapping, geodetic survey, photogrammetry, geoinformatics and aerial survey services, to support its drive to expand operations on international level.
more »
Nordea came out of 2009 in an even stronger position, despite one of the most challenging years for decades. Risk-adjusted profit increased 22% and our capital position and cost of funding are among the best in Europe.
more »
MEPs gave the green light on Thursday for EU funding to help Europe's unemployed start up small businesses.
more »
MEPs are deeply concerned about the long-standing and growing presence of al-Qaeda, and the deteriorating security, social and economic problems in Yemen, which they think could destabilise neighbouring countries.
more »
At the start of a new decade, Sub Saharan Africa is reeling from the effects of three major global crises – food, fuel and financial – that have reversed many of the economic achievements of the last 10 years and left some growth projections at levels below those of 30 years ago.
more »
The 5th High-level Seminar of Central Banks in the East Asia-Pacific Region and the Euro Area was jointly organised by the European Central Bank and the Reserve Bank of Australia, in cooperation with the Hong Kong Monetary Authority.
more »
The EBRD and European Fund for Southeast Europe are boosting the availability of financing to private businesses in Moldova with a $10 million loan to ProCredit Bank in Moldova for on-lending to micro and small enterprises.
more »
The EBRD is supporting the development of the retail infrastructure in Croatia with a €68 million loan to finance the construction of a modern shopping centre in Split, the second largest city in Croatia.
more »
The European Bank for Reconstruction and Development has agreed to sell its 15 percent stake in OAO Swedbank Russia to its parent and major stakeholder, Sweden’s Swedbank AB, a move which would give it full ownership of its Russian subsidiary.
more »
The Ministers of Industry took the first steps in San Sebastián today to make the electric vehicle a reality in Europe and agreed that European institutions, with the EC at the head, should lead a common strategy on electric vehicles.
more »