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OPEC considers cutting oil supply
8th November 2001, Page 8
8th November 2001
Page 8
Page 8, 8th November 2001
— OPEC considers cutting oil supply
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Keywords :
Petroleum, Cartels, International Trade, Opec, Price Of Petroleum, Chronology Of World Oil Market Events, World Oil Market Chronology, Business / Finance
• As Commercial Motor went to press, the Organisation of Petroleum Exporting Countries (OPEC) looked set to cut output in a bid to boost the falling price of oil.
OPEC secretary-general Ali Rodriguez said a reduction of a million barrels a day was "a possibility"; a decision is expected when OPEC ministers meet in Vienna later this month.
The price of crude hit a twoyear low of $19 a barrel last week, compared with about $30 a barrel this time last year. However, hauliers are yet to reap the benefits as diesel prices have remained relatively static while the price of unleaded petrol has been falling (CM25-310ct).
Tags
Organisations:
Organisation of Petroleum Exporting Countries, Organization of Petroleum-Exporting Countries
People:
Ali Rodriguez
Locations:
Vienna