The Organization of the Petroleum Exporting Countries is going to meet in Vienna today
The Organization of the Petroleum Exporting Countries is going to meet in Vienna today to negotiate the possibility of planned cuts in oil production, despite the record high world crude oil prices.
According to U.S. Energy Administration data, energy consumption in USA is down slightly in the last three years and petroleum consumption is up by less than 2%. OPEC petroleum imports have actually declined, but imports have increased to 56.1% of consumption in 2003, from 52.9% in 2000.
Today?s oil prices are of 13-year highs. OPEC leader Saudi Arabia secured support from other cartel members for tighter oil supply curbs.
Libyan oil minister said that OPEC nations were "mostly" in favor of pushing ahead with lower output quotas that were agreed to last month in Algeria for implementation April 1.
