opec and how is it going for us?
***Oil Ministers See Sense? On the bright side, the Organization
of Petroleum Exporting Countries (OPEC) said today that it's
considering postponing its proposed oil production cutback
because of soaring oil prices. Back in mid February, OPEC
reduced production by 1.5 million barrels per day to 24.5
million. Soon after, it announced it would trim production by an
additional one million barrels per day on April 1, citing
lessening demand during the spring season. But at the time it
was difficult to foresee prices rising so much so quickly. The
economic recovery in the US and continued robust expansion in
China has heightened demand.
With OPEC member nations pumping out one third of the world's
oil, a decision to postpone the cut would perhaps put the brakes
on oil prices, which hit a 13-year high last week, and give the
market more time to adjust. After the announcement, prices
promptly sank by almost 2% to around US$32.70 per barrel in
London trading.
if i rememeber right opec cut the production again by 1mil. barrels 4/01/04
ivan needs to recover some for us.
Caspermick
"TOUGH TIMES NEVER LAST BUT TOUGH PEOPLE DO."
God Bless America
In Gambling,,,Playing Card Games. Ya Never Know What The Next Hand Will Look Like.
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