Google+
Рейтинг@Mail.ru
Pravda.ru

News » Economics

Intact Oil Quotas - 20 September, 2002

20.09.2002 | Source:

Pravda.Ru

 

The OPEC left its current production quotas intact at a meeting in Japan. But until the war question is solved OPEC is to pump extra oil on short notice.

By deciding not to authorize any additional pumping of crude, OPEC makes it somewhat more likely that inventories will continue to fall in oil-importing countries, which in turn could lead to higher prices that would damage an already fragile global economy.

As oil traders had been expecting OPEC to leave quotas unchanged prices for October delivery fell 8 cents per barrel to $29.40 in New York trading yesterday.

OPEC members don’t believe recent warnings from oil-consuming nations that oil supplies are too low and pushing oil prices higher as a result. The reason as OPEC thinks is in fears about a possible war that had pushed up prices by $3 or $4 a barrel. ©

&to=http://www.opec.org' target=_blank>OPEC

&to=http://www.neftegaz.ru' target=_blank>NEFTEGAZ

 

Popular photos

Most popular

Ukrainian people will wake up soon to see bloody chaos around them
Ukrainian people will wake up soon to see bloody chaos around them
Well-known journalist and political analyst Maksim Shevchenko paid a visit to Pravda.Ru. During the interview, the journalist talked about lies of Western propaganda and democracy, the situation with...
When is Russia going to lift food embargo to ease Europe's life?
When is Russia going to lift food embargo to ease Europe's life?
Is Russia going to lift the food embargo? What will happen, if Russia softens its sanctions for Greece and Hungary? The period of sanctions has laid bare the problems that were not visible due to the...

Video

Popular photos

Система Orphus