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  • OPEC agrees to cut oil output (CNN Report)

    OPEC agrees to cut oil output

    VIENNA, Austria -- OPEC has followed through on a promise to cut production by four percent, beginning Thursday, in a move that kept crude oil prices near 13-year highs.

    The Organization of Petroleum Exporting Countries, which provides about a third of the world's oil, agreed Wednesday in Vienna to reduce its output ceiling by 1 million barrels per day.

    A recent surge in prices had prompted some of OPEC's 11 members to suggest postponing the cut.

    The Bush administration, in an election year, had been pressing OPEC to raise output to help control U.S. gasoline prices, already at record highs, and prevent energy inflation from slowing economic growth.

    However, most OPEC countries blame speculators for the high prices.

    U.S. crude early on Wednesday traded up 29 cents at $36.54 a barrel, driven by a new all-time high on the New York Mercantile Exchange's gasoline contract of $1.177 a gallon.

    In London, May contracts of North Sea Brent were nine cents higher at $32.54 per barrel.

    OPEC powerhouse Saudi Arabia led the push for the cartel to implement the cut, as first agreed to in Algiers in February.

    Kuwait's oil minister Ahmad Fahad Al-Ahmad Al-Sabah, who had suggested delaying a cut, was among those who confirmed the group's decision, The Associated Press reported.

    Ministers from Algeria, Nigeria, Libya and Qatar also confirmed the agreement reached in private talks ahead of a formal meeting at OPEC's headquarters in Vienna.

    "The Saudis have gone from being a reliable OPEC price dove to OPEC's arch price hawk,'' energy consultant Mehdi Varzi told Reuters.

    "That's because of the demands of the Saudi budget. They need higher and higher oil prices every year to meet current expenditure for a larger and larger population.''

    --------------------------------------------------------------------------------

    Copyright 2004 CNN. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed. Associated Press contributed to this report.

    Find this article at:
    http://edition.cnn.com/2004/BUSINESS...put/index.html
    Sweet Madame Belu

  • #2
    OPEC agrees to cut oil output

    VIENNA, Austria -- OPEC has followed through on a promise to cut production by four percent, beginning Thursday, in a move that kept crude oil prices near 13-year highs.

    The Organization of Petroleum Exporting Countries, which provides about a third of the world's oil, agreed Wednesday in Vienna to reduce its output ceiling by 1 million barrels per day.

    A recent surge in prices had prompted some of OPEC's 11 members to suggest postponing the cut.

    The Bush administration, in an election year, had been pressing OPEC to raise output to help control U.S. gasoline prices, already at record highs, and prevent energy inflation from slowing economic growth.

    However, most OPEC countries blame speculators for the high prices.

    U.S. crude early on Wednesday traded up 29 cents at $36.54 a barrel, driven by a new all-time high on the New York Mercantile Exchange's gasoline contract of $1.177 a gallon.

    In London, May contracts of North Sea Brent were nine cents higher at $32.54 per barrel.

    OPEC powerhouse Saudi Arabia led the push for the cartel to implement the cut, as first agreed to in Algiers in February.

    Kuwait's oil minister Ahmad Fahad Al-Ahmad Al-Sabah, who had suggested delaying a cut, was among those who confirmed the group's decision, The Associated Press reported.

    Ministers from Algeria, Nigeria, Libya and Qatar also confirmed the agreement reached in private talks ahead of a formal meeting at OPEC's headquarters in Vienna.

    "The Saudis have gone from being a reliable OPEC price dove to OPEC's arch price hawk,'' energy consultant Mehdi Varzi told Reuters.

    "That's because of the demands of the Saudi budget. They need higher and higher oil prices every year to meet current expenditure for a larger and larger population.''

    --------------------------------------------------------------------------------

    Copyright 2004 CNN. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed. Associated Press contributed to this report.

    Find this article at:
    http://edition.cnn.com/2004/BUSINESS...put/index.html
    Sweet Madame Belu

    Comment


    • #3
      josephine schmo what this has to do with Immigration???

      Cut the bull**** please.

      Go to work instead of chatting the whole day and being a public charge.

      Take away one skilled job from an illegal alien.

      Comment


      • #4
        For once I agree with Maria.......

        Comment


        • #5
          I should have known.

          Two moron illegals don't like the topic because they don't have driver's licenses, thus gas prices don't affect them.

          I post something about illegals, you're all salivating.

          Maria, get back under the table.
          Sweet Madame Belu

          Comment


          • #6
            Hey Schmoe - you just don't get it. We all have access to the internet, read newspapers, watch news on television - (FOX News - Fair & Balanced - I highly recommend it) so we don't need someone picking and choosing the news events of the week and pasting them here. Get a life, you class A b*i*t*c*h.

            Comment


            • #7
              Please don't call me by that name, I ain't yo' MAMMY.

              Seems to me the only time YOU post is when I start a thread. What are you, obsessed with me? Get over it, p e r v e r t.

              The only news you can comprehend is MTV News. MAYBE!

              Go yell at the one's who post RECIPES and other nonsense.

              You'll be crying when gas is $3.00 a gallon, while Dubya
              laughs all the way to the bank.

              I forgot. You being illegal, you have no driver's license, so what do you care?

              I'd be Queen of your World if I posted Life Act has been re-instated.
              Sweet Madame Belu

              Comment


              • #8
                Hey you CLASS A B*I*T*C*H, look back at the responses to this thread: I made a one sentence response saying that I agreed with Maria. Next I read how you are calling me a Moron and saying I am illegal and all kinds of horsesh*it. You don't know anything about me - so far everything you have ASSUMED is absolutely false......Our country will become just a little bit better once you go to Pakistan and the USA is rid of you.

                Comment


                • #9
                  i thought the j schmoe post rather informative. maybe we need to do something about saudi arabia rather than useing our nations treasure on the wolfowitz, chaney, rumsfelt obsession.maybe even better--get off our asses and develop alternative fuel and max efficiency.

                  Comment

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