OPEC, which pumps more than a third of the world's oil, last month agreed to reduce output just as winter weather in the United States and Europe boosted demand for heating oil, sending crude oil to $49.75 a barrel. OPEC officials argued that soaring oil prices have done little to slow the world economy.
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OPEC: Quotas Unchanged, Prices To Fall
OPEC is about to keep output quotas unchanged and prepare to prices drop
OPEC is about to keep output quotas unchanged and prepare to prices drop after the Northern Hemisphere winter.
New OPEC President and the Kuwaiti Oil Minister, Sheikh Ahmad Fahd al-Sabah, told reporters that now the cartel will make no production cuts. Next quarter OPEC members may need to lower output by 500,000 barrels a day, the Kuwaiti minister said.
OPEC, which pumps more than a third of the world's oil, last month agreed to reduce output just as winter weather in the United States and Europe boosted demand for heating oil, sending crude oil to $49.75 a barrel. OPEC officials argued that soaring oil prices have done little to slow the world economy.
OPEC, which pumps more than a third of the world's oil, last month agreed to reduce output just as winter weather in the United States and Europe boosted demand for heating oil, sending crude oil to $49.75 a barrel. OPEC officials argued that soaring oil prices have done little to slow the world economy.
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