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By New York Times News Service | September 30, 1993
GENEVA -- After five days of talks, OPEC announced yesterday that its 12 members had agreed to individual quotas to limit production over the next six months to 24.5 million barrels a day.Kuwait and Iran secured significant increases in their individual shares of OPEC's output, while Saudi Arabia, the world's largest producer and exporter of oil, agreed to freeze its production at current levels until April.Experts called the agreement a credible attempt by the Organization of Petroleum Exporting Countries to limit production and increase the price of oil, which has fallen by 20 percent since early summer.
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BUSINESS
By NEW YORK TIMES NEWS SERVICE | March 23, 2004
HOUSTON - Some OPEC members are signaling their reluctance to proceed with announced cuts in petroleum production after crude oil prices climbed in the past week to their highest level since the Persian Gulf war. Oil prices eased yesterday after the statements, falling 57 cents, or more than 1.5 percent, in New York, to $37.05 a barrel. The Organization of the Petroleum Exporting Countries is scheduled to discuss production quotas at a meeting March 31 in Vienna, Austria, but several representatives from member nations, including officials from Qatar and Venezuela, said they were hesitant to significantly cut production.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | March 31, 2004
VIENNA, Austria - Saudi Arabia signaled yesterday that it was proceeding with its plans to cut oil production, prompting a gathering of OPEC officials here to voice support for higher crude oil prices, which have become a sensitive political issue in the United States. "Throwing more oil on the market would be destructive for everybody," said Ali Naimi, the oil minister for Saudi Arabia, the most influential member of the Organization of the Petroleum Exporting Countries. Naimi sought to brush aside criticism that his nation was seeking higher returns from oil exports, claiming that a flurry of speculative activity in commodity markets was behind the recent increase in oil prices.
BUSINESS
By New York Times News Service | September 28, 1993
GENEVA -- OPEC announced yesterday that its members had agreed to lower oil output to 24.5 million barrels a day in the third quarter from 24.7 million currently as a way to bolster sagging prices.The cut in production is considered minimal, but OPEC officials said Oil Minister Hisham Nazer of Saudi Arabia had submitted proposals for further "voluntary" cuts that might reduce the overall output of OPEC below the new ceiling.In promoting its proposals, Saudi Arabia took the extraordinary step of holding talks with Iran, with which it has been politically at odds since the Persian Gulf war.Iran's government-owned radio network said yesterday that President Hashemi Rafsanjani had telephoned Saudi Arabia's King Fahd to seek support for higher world oil prices.
BUSINESS
By BLOOMBERG NEWS | June 3, 2004
BEIRUT, Lebanon - OPEC ministers said yesterday that they will increase oil production, allowing members to pump at will and bypass the quota system that has governed supplies for most of the past two decades. "Everybody should produce what they want over the next few months," Qatar's energy minister, Abdullah bin Hamad al-Attiyah, said in an interview in Beirut, where OPEC meets tomorrow. "We do not want to see any shortage of supply at all, and we want to avoid shocks." Saudi Arabia, the world's biggest oil exporter, will ensure that markets have enough supply, said the kingdom's oil minister, Ali al-Naimi.
NEWS
January 28, 2000
IT WASN'T all that many months ago that gasoline prices in America were at their lowest levels in decades. In the fall of 1998, the price of a barrel of oil -- in real terms -- was about the same as in the early 1920s. That is no longer the case. Last March, the 11 members of the Organization of Petroleum Exporting Countries along with Mexico and Norway, agreed to cut production by about seven percent. Unlike previous unsuccessful attempts to constrict the flow of crude oil to international markets, this agreement held.
NEWS
September 9, 2000
THE HIGH PRICE of oil focused the world's attention by week's end. It was a subject of summit diplomacy in the corridors of the United Nations, the cause of industrial action turning French roads into chaos and a wild-card threat to the predictability of the U.S. election. This is a tribute to President Hugo Chavez of Venezuela, whose election transformed both his country's oil policy and the viability of the Organization of Petroleum Exporting Countries (OPEC) as an oil cartel. Crown Prince Abdullah of Saudi Arabia and President Clinton agreed that $25 a barrel would be a healthy crude oil price.
BUSINESS
By BLOOMBERG NEWS | April 28, 2004
OPEC, which pumps a third of the world's crude oil, may raise its target price by 30 percent because the decline in the value of the dollar has reduced purchasing power in member states, the group's president said yesterday. The Organization of the Petroleum Exporting Countries is studying whether to increase its 4-year-old price band of $22 to $28 a barrel, Purnomo Yusgiantoro said. Some OPEC members "think an increase in the price band won't hurt the world economy," OPEC President Purnomo, who is also Indonesia's oil minister, said in Jakarta.
BUSINESS
By BLOOMBERG NEWS | January 17, 2001
VIENNA, Austria - Members of the Organization of the Petroleum Exporting Countries have agreed to cut production targets by 1.5 million barrels a day when they meet today, Saudi Arabian Oil Minister Ali al-Naimi said yesterday. "There is an agreement," al-Naimi, whose nation is the world's biggest oil producer, said after consulting with colleagues in Vienna before the meeting. A daily reduction of 1.5 million barrels would be 5.6 percent of the combined quotas adopted by 10 OPEC members in November.
BUSINESS
By BLOOMBERG NEWS | February 1, 2000
DUBAI, United Arab Emirates -- Oil producers may decide to increase output when they meet in March, an OPEC delegate said yesterday, signaling a possible retreat from restraints that caused prices to double last year. "All options are open" when the Organization of the Petroleum Exporting Countries meets in March, a United Arab Emirates OPEC delegate said. The remark is a departure from members' previous statements. Oil ministers from Saudi Arabia and Kuwait said last month that output cuts beyond March had OPEC support.
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