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 Gas Coordination Group, chaired by the Commission, met this afternoon to analyze in detail all elements of the preparedness of the EU and the Energy Community for a potential supply disruption in the Winter 2009/2010.
more »
In a meeting of the European Bank Coordination Initiative Group, held in Brussels, the parent banks of the nine largest banks operating in Romania reaffirmed their commitment to maintain their exposure to the country and ensure adequate capital levels over 10 percent for their affiliates.
more »
Airline airBaltic has informed of its plans to resume some flights from Vilnius International Airport before the end of this year.
more »
The European Commission has approved under EC Treaty state aid rules the restructuring plan of Lloyds Banking Group.
more »
"Finance and climate change" was under discussion at a 10 November hearing in parliament's Industry, Research and Energy Committee.
more »
The International Monetary Fund announced today the sale of 2 metric tons of gold to the Bank of Mauritius, the nation’s central bank.
more »
The euro area economy grew by 0.4% in the third quarter. Is the crisis over?
more »
After lots were drawn, ten winners of Danske Bankas scholarships and one winner of an iPod shuffle player were established.
more »
From 16 November 2009, AB Bank SNORAS network starts providing new products – one can sign agreements of “Finasta Asset Management” II level pension accumulation funds in all subdivisions of the bank.
more »
The expected turnaround in the Baltic Rim economies is likely to gradually improve the business opportunities for Nordic companies operating in the region.
more »