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  • Opec has reportedly approved new oil production quotas to defend oil prices against a world economic slowdown. Oil ministers ratified an agreement reducing output by 1mn b/d - 4% - to 24.2mn b/d.

    • Availability: Online
    • Record type: News Item

  • Opec President, Abdullah al-Attiyah, has called for a special meeting in late April to discuss the recent slide in oil prices, which have fallen almost 20% since just before the war with Iraq began.

    • Availability: Online
    • Record type: News Item

  • Oil prices have jumped to levels not seen since the end of the war in Iraq following news of lower US stocks and Opecs option to revise production quotas in July.

    • Availability: Online
    • Record type: News Item

  • Saudi Arabias Oil Minister Ali Naimi recently stated that Opec is determined to defend its target price range of $22-$28 b/d. The next Opec meeting, to discuss oil prices, is scheduled for 24 April 2003.

    • Availability: Online
    • Record type: News Item

  • Opec President Abdullah Al Attiyah is reported to have expressed concern about the recent fall in oil prices and is in contact with other Ministers, working out something to intervene in the market, says an AFP report. The reference basket oil price has fallen 11% to $23.17 since the Opec summit on ...

    • Availability: Online
    • Record type: News Item

  • The head of the International Energy Agency (IEA) recently stated that the current high oil prices were partly to blame for sluggish world economic growth. Claude Mandil said the 11-member Opec cartel, which controls half of world oil exports, should moderate its price target of $25/b in favour of p...

    • Availability: Online
    • Record type: News Item

  • Saudi Arabia will raise oil production by 500,000 barrels a day to a record total production of 9.7 million barrels a day. The increase is in response to calls from 30 to 60 consumer countries, but Saudi Arabia have also called on the West to cut fuel taxes to lower the cost of petrol for consumers.

  • The Opec oil cartel will not switch US dollar-denominated oil sales to the euro, despite the fall in the value of the US currency, Opecs President has said. Abdullah al-Attiyah, who is also Oil Minister for Qatar, said the dollars decline versus other leading currencies like the euro and the yen h...

    • Availability: Online
    • Record type: News Item

  • Oil prices could fall below $20/b if Opec does not reduce its actual crude production to at least its nominal ceiling of 24.5mn b/d, Algerian Oil Minister Chakib Khelil has stated. Meanwhile, ex-Opec Secretary General and President of Venezuelas PdVSA Ali Rodriguez has said that Opec and non-Opec o...

    • Availability: Online
    • Record type: News Item

  • US Energy Secretary, Spencer Abraham, has reportedly said that Opec was at fault for the high fuel prices in the US. This conflicts with the comments made last week by Vice President Dick Cheney that the shortage of US refining capacity has caused the price increases. Abrahams said that the US needs...

    • Availability: Online
    • Record type: News Item

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