Advertisement
HomeCollectionsOpec
IN THE NEWS

Opec

FIND MORE STORIES ABOUT:
BUSINESS
By NEW YORK TIMES NEWS SERVICE | January 18, 2001
VIENNA, Austria - The Organization of the Petroleum Exporting Countries said yesterday that it would cut production by 5 percent next month in hopes of propping up world oil prices. Blaming slower growth in what it termed key economies, the organization said the cut, equal to 1.5 million barrels a day, is being taken because crude oil supplies "far exceed demand." "With the approach of the seasonally lower demand in the second quarter, unchecked production could precipitate a price collapse, serving the short- and longer-term economic interests of neither producers nor consumers," OPEC said in a statement.
Advertisement
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.
NEWS
November 15, 2000
MOTORISTS must expect today's gasoline prices to continue. Homeowners, especially in New England, can expect steep heating-oil price increases this winter and no sympathy from the oil cartel. The Organization of Petroleum Exporting Countries (OPEC) may claim that a price range of $22 to $28 a barrel is its target. In fact, at the OPEC meeting concluding in Vienna last Monday, oil ministers were clearly content with prices in the $32-$35 neighborhood. What they fear most, since their governments depend on oil revenues, is a precipitous drop to one-third of that, as happened two years ago. As long as they keep their act together: Never again.
NEWS
September 16, 2000
THE PROTESTS shutting off gasoline supplies in Europe are popular with consumers, oil companies and OPEC governments. All parties resent the high taxes that European governments slap on oil products. This strike action was undertaken by small business proprietors such as farmers, truckers and commercial fishermen -- not against high prices in the oil field, but high taxes at the pump. That is not equivalent to American anguish over current gasoline prices. The European protesters are demanding prices and fuel taxes more nearly resembling ours.
NEWS
By Dan Berger | September 13, 2000
Wen Ho Lee 1, FBI 0. Cheer up. Any oil that OPEC witholds today will still be available tomorrow. Shsh. 10.3 million gallons of our sewage is missing. Don't tell and no one will find out. Now it can be told: Violence sells. There was Hoosier Madness before Bobby Knight, and will be long after. Pete Sampras is history!
NEWS
By Dan Berger | September 11, 2000
After a spookily cool summer, look for a hot autumn. If Brush is really the underdog, as he says, he should attack, attack, attack and debate, debate, debate. The summit declared that the United Nations should deal with the world's most insoluble problems. That's what it is for. Always was. This could be a good town if its citizens didn't trash it. Ban OPEC!
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.
NEWS
August 17, 2000
Waste disposal plan compromises rights of state's farmers The Sun's article on the state's proposed new manure disposal plan is missing one crucial viewpoint: that of the farming community ("Poultry firms assail manure disposal plan," Aug. 10). The article implies that the new plan will help farmers. But, make no mistake, Maryland's farmers are completely opposed to this illegal regulatory scheme. Poultry farmers consider their poultry litter a valuable commodity. This proposal would take it away.
NEWS
August 13, 2000
CANDIDATES for both U.S. political parties are free to run against President Hugo Chavez of Venezuela. But don't pretend that will bring down oil prices. Mr. Chavez is the charismatic, new-leftist, military, elected strong man of the country that thought-up the Organization of Petroleum Exporting Countries (OPEC) and later subverted it by exceeding production quotas. Mr. Chavez is busy reviving OPEC as a meaningful cartel that can cost the carefree U.S. motorist and home-heater a bundle over a sustained period.
NEWS
July 9, 2000
SAUDI ARABIA'S decision to increase its crude oil production by 500,000 barrels may drive down the price on world markets, but consumers who burn heating oil in their furnaces can expect short supplies and steep price hikes this fall. Oil experts have known for several months that a heating-oil crisis is looming, but the U.S. Senate seems to be dithering. Inventories of heating oil are low. On the East Coast, which consumes about 75 percent of the nation's heating oil, 15.3 million barrels are stockpiled.
Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.