OPEC member states, especially Saudi Arabia, explain quota reduction by the need to prevent a sharp decrease of oil prices in the Spring when oil consumption in the Northern Hemisphere falls sharply.
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America Reacts Negatively to Quota Cut
US President George Bush believes the quota cut by OPEC may lead to...
US President George Bush believes the quota cut by OPEC may lead to difficult consequences for the American economy. The Bush Administration fears that growth in oil prices will lead to a decrease in incomes and a growth in the trade deficit. The dollar exchange rate could continue to suffer with mounting deficits.
Trent Duffy, a spokesperson for the White House, said, "We hope that producers will not take actions that will undermine the American economy and the condition of American workers."
OPEC member states, especially Saudi Arabia, explain quota reduction by the need to prevent a sharp decrease of oil prices in the Spring when oil consumption in the Northern Hemisphere falls sharply.
Contributing to Washington's argument is the current oil price, which exceeds the maximum level of $28 per barrel recommended by OPEC.
OPEC member states, especially Saudi Arabia, explain quota reduction by the need to prevent a sharp decrease of oil prices in the Spring when oil consumption in the Northern Hemisphere falls sharply.
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