World oil prices dive as OPEC says it has more capacity
AFP, August, 2004
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NEW YORK(AFP) ? World oil prices plummeted from all-time highs after OPEC said it had the capacity to ramp up production by up to 1.5 million barrels a day.
New York's benchmark contract, light sweet crude for delivery in September plunged 1.32 dollars to close at 42.83 dollars a barrel. Earlier in the day it hit an all-time high 44.34 dollars.
Brent North Sea crude for September delivery skidded 94 cents to 39.70 dollars. It also had set a record a few hours earlier, spiking to 40.99 dollars a barrel in London trade.
Prices dropped sharply when the Organization of Petroleum Exporting Countries said it had surplus production capacity of 1.0 million to 1.5 million barrels per day, immediately available.
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"OPEC continues to hold, at present, a spare production capacity of around one to 1.5 million barrels ...
