OPEC pumps up oil output

Article Abstract:

OPEC's decision to raise oil production could eventually reduce energy costs in the US. Energy Sec Bill Richardson, who has lobbied with OPEC countries for increased production, said he expects future oil production to average about 1.8 million barrels a day. Higher production levels is expected to bring down oil prices to $25 per barrel by Sep 2000 and $24 by the end of 2000. However, US motorists cannot hope to get immediate relief from the average $1.51 a gallon of petroleum that they are currently paying.

Unit costs

---

OPEC divided on boost in output

Article Abstract:

Members of the Organization of Petroleum Exporting Countries have been unable to come to a consensus regarding the amount of additional crude oil production to ease spiraling energy costs worldwide. Their decision is crucial, for Federal Reserve System Chmn Alan Greenspan has warned that if energy prices increase high enough, they could exert a materially negative effects on the US economy. Each $1 decline in the price of oil typically lowers gasoline prices by four to six cents a gallon.

United States, International economic relations

---

OPEC to cut oil production with expected price drop

Article Abstract:

The Organization of Petroleum Exporting Countries (OPEC) is expected to reduce production by 4% to stabilize the price of crude oil as demand slows down. OPEC, which accounts for 40% of the world's total oil production, is intent on keeping the price of petroleum at $25 per barrel. Analysts say it is doubtful if the OPEC would make good on its plan to lower production targets. On the other hand, oil traders are looking at refined products, such as gasoline and other fuels, whose prices could rise during the summer of 2001.

Production management, World

Similar abstracts:

• Abstracts: Cambior reports record gold production, slim profit in quarter. Cambior posts dramatic loss for fiscal 1999
• Abstracts: Microsoft mediation talks sputter as deadline looms. Congress takes sides on Microsoft ruling
• Abstracts: FTC to question oil companies about gas prices. Northeast gets heating oil reserve
• Abstracts: Phone companies work on ringing in extra lines. Phone service complaints hit record. AT&T wireless business shares will go public
• Abstracts: Safer car seats for kids attach with less fuss. Padding in child car seats studied. Child car seats recalled

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.