OPEC okays large production cut – Brief Article
At last month’s meeting in Vienna, OPEC approved a 5% reduction in oil supplies, intended specifically to maintain oil prices at a mid-target of $25/bbl. The decision was made despite the potential threat to unstable economies worldwide. OPEC cut 1.5 million bopd, collectively capping limits for 10 members at 25.2 million bopd, starting this month. The cartel is expected to make additional cuts, totaling as much as another million bpd, when it meets in March. U.s. Energy Secretary Bill Richardson expressed his disappointment with OPEC’S decision. Last year, OPEC was blamed for stirring inflation by moving too slowly to restore output curbs that were put in place in March 1998.
COPYRIGHT 2001 Gulf Publishing Co.
COPYRIGHT 2001 Gale Group