Business Services Industry
OPEC Cuts Oil Output.
Knight Ridder/Tribune Business News, December, 2001
Daily Mail, London Knight Ridder/Tribune Business News
Dec. 27--Oil prices were boosted after Saudi Arabia's oil minister said the Opec cartel will slash production by 1.5 million barrels a day. The cartel is expected to announce the cuts at its meeting in Cairo tomorrow.
Opec is aiming for $22-25 a barrel, reversing the 30 percent fall in prices since the September 11 attacks on the US. The curb has been expected since non-Opec countries such as Russia and Norway agreed to act in concert with the cartel. It is expected to last six months from January 1 and will cut Opec production to 21.7 million barrels a day - the lowest level in 10 years.
In New York, light crude prices rose $1.04 to $20.66 a barrel.
A discovery worth up to...
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