OPEC sets output cuts, but oil industry is wary

Article Abstract:

OPEC announced that it would cut daily worldwide oil production by 1.7 million barrels, beginning Apr 1, 1999 and ending Apr 1, 2000. OPEC's aim is to bring oil prices up to about $18/barrel, but oil company executives are not yet planning new exploration and development. Four OPEC nonmembers also agreed to cut their combined daily production by 400,000 barrels, bringing the total cuts to 2.1 million barrels per day, or 2.6% of global oil production.

International Affairs, Organization of Petr Expt Countries, Abstract

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OPEC mulls lifting output target

Article Abstract:

In an effort to respond to the increasingly high cost of crude oil, the Organization of Petroleum Exporting Countries is considering raising its oil-output target. It hopes that such a decision would send the message that it is uncomfortable with prices of more than $40 a barrel. Analysts, meanwhile, are skeptical that the petroleum industry has the capacity to meet rising demands regardless of targets set by OPEC.

Market information - general, Forecasts, trends, outlooks, Production management, Commodity & service prices, Saudi Arabia, Petroleum Refineries, PETROLEUM AND COAL PRODUCTS, Petroleum, Petroleum and Coal Products Manufacturing, Crude Petroleum & Natural Gas, Petroleum refining, Gasoline, Petroleum & Energy Products, Iran, Capacity, Planning, Conferences, meetings and seminars, Prices and rates, Forecasts and trends, Supply and demand, Market trend/market analysis, Company business planning, Company pricing policy

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OPEC lifts output, denying shortage

Article Abstract:

This article discusses the decision of the Organization of Petroleum Exporting Countries to raise its output by approximately 700,000 barrels a day. Denying that there is a shortage of crude oil, Iran's oil minister claimed that the high price of gasoline was caused by mismanagement in the United States gasoline markets.

Brief Article

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