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
President of the Republic of Lithuania Dalia Grybauskaitė welcomed the decision taken by the U.S. Government to transport shipments for the international mission in Afghanistan by transit via the Klaipėda Seaport.
more »
EU Solidarity Fund aid to repair storm damage in France and Portugal was approved by the Budgets Committee on Thursday.
more »
The European Investment Bank and the Government of Samoa formally agreed to support the rehabilitation and upgrade of independent water schemes in the Pacific island state under a EUR 250,000 technical assistance programme.
more »
Steps to overhaul the European Union's flagship single market were discussed on Tuesday (9 November) by MEPs and interested parties.
more »
Strategy to secure a sustainable EU energy supply and support economic growth over the next decade.
more »
EU funding to help 850 former workers in the aircraft maintenance industry around Dublin find new jobs was approved by the European Parliament on Thursday.
more »
Saffron farmers in western Afghanistan hope to oust opium as a harvest crop.
more »
The European Commission has approved an application from Poland for assistance from the European Globalisation adjustment Fund (EGF).
more »
New plans for EU industry to create jobs while keeping manufacturing in Europe.
more »
The European Commission has approved two applications from Spain for assistance from the EU Globalisation Adjustment Fund (EGF).
more »