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
An International Monetary Fund mission led by Mr. Paulo Drummond visited Bissau during January 12-27, 2010, to discuss the government’s medium-term economic program that could be supported by the IMF under the Extended Credit Facility.
more »
The International Monetary Fund (IMF) and the World Bank's International Development Association (IDA) have agreed to support US$1.9 billion in debt relief for the Republic of Congo, which includes US$255.2 million of debt relief from the two institutions.
more »
In 2009, net external assets of Monetary Financial Institutions remained negative but increased by LTL 9.3 billion.
more »
Spain's Minister for Science and Innovation, Cristina Garmendia, supports making R&D+i at the heart of Europe as a key to economic recovery.
more »
Lithuania and Malta granted reprieve on budget deficits; Hungary and Latvia on track to meet deadlines.
more »
More responsibility for fishermen, rules favouring good fishing practice and adjusting fisheries management models to complement and improve the traditional quota system should be among the key aims of common fisheries policy reform, say MEPs in an own-initiative report approved by the Fisheries Committee on Wednesday.
more »
On January 8, 2010, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Yemen.
more »
On January 22, 2010, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Norway.
more »
Agriculture can help to slow climate change, but should be ready to adapt to the impact of global warming, said Agriculture Committee MEPs and scientists at a public hearing on Wednesday.
more »
The Ministers for Employment of the European Union are holding an informal council on Thursday 28 and Friday 29 January which will lay the foundations for drawing up the common policies in the area of employment which the European Union will adopt over the next ten years as part of the “2020 Strategy”.
more »