-Caveat Lector- http://www.newsmax.com/archives/articles/2001/12/28/193931.shtml
Maybe OPEC should be next on out terrorist list! For Extortion! -- Bill WJPBR Email News List [EMAIL PROTECTED] Peace at any cost is a Prelude to War! Oil Prices Rise as OPEC Cuts Output NewsMax.com Wires Saturday, Dec. 29, 2001 CAIRO - Crude oil prices rose Friday after OPEC ministers cut production by 1.5 million barrels a day following similar output cuts by non-OPEC countries. Organization of Petroleum Exporting Countries ministers announced the cuts, effective Tuesday, in a bid to shore up weakening oil prices. Industry analysts said gasoline and fuel prices would rise across the world, hitting economic growth, if the cuts caused sustained increases in crude oil prices. The decision by 10 of the 11 OPEC member countries, excluding Iraq, which is under U.N. sanctions, followed a successful lobbying of non-OPEC producers worldwide. Five non-OPEC producers - Mexico, Russia, Norway, Angola and Oman - earlier indicated they would be cutting production. Saudi Arabian Oil Minister Ali al-Nuaimi said the cuts would be in force for the first half of 2002, but OPEC sources said the Vienna-based group would likely review the market during the first quarter. An OPEC source told United Press International the group would likely contemplate further production if the latest reduction, the fourth since February, failed to sustain prices above $20 per barrel. "Russia's position is still uncertain," said the source, citing industry speculation that Moscow might decide not to stick to its earlier decision to cut output, both to improve its cash flow and to appease the West during its current diplomatic drive to play a more active role in NATO. OPEC Secretary General Ali Rodriguez, Venezuela's oil minister, said the group planned to hold a meeting with Russian Prime Minister Mihkail Kasyanov in January. The OPEC decision had the immediate impact of pushing the benchmark North Sea Brent prices upward. Brent crude oil futures for February rose 35 cents on the market's opening to $20.78. Industry sources said higher pump prices could hit fragile economies and depress demand while there seemed little chance of a recovery in demand for aviation fuel. Global air travel is still depressed in the aftermath of the Sept. 11 terrorist attacks on the United States. As widely expected, before the meeting opened OPEC's "price hawks" lobbied the ministers for a sharper cut. Iranian Oil Minister Bijan Namdar Zangeneh indicated Iran would have liked to have the group's output reduced by up to 2 million barrels a day. The latest cuts mean that OPEC crude oil exports are down by 5 million barrels a day in the past year. Non-OPEC cuts are expected to remove about 462,500 barrels a day of crude oil from the market. *COPYRIGHT NOTICE** In accordance with Title 17 U. S. C. Section 107, any copyrighted work in this message is distributed under fair use without profit or payment to those who have expressed a prior interest in receiving the included information for nonprofit research and educational purposes only.[Ref. http://www.law.cornell.edu/uscode/17/107.shtml ] Want to be on our lists? Write at [EMAIL PROTECTED] for a menu of our lists! Write to same address to be off lists! <A HREF="http://www.ctrl.org/";>www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are unwelcomed. Substance�not soap-boxing�please! These are sordid matters and 'conspiracy theory'�with its many half-truths, mis- directions and outright frauds�is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRLgives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://peach.ease.lsoft.com/archives/ctrl.html <A HREF="http://peach.ease.lsoft.com/archives/ctrl.html";>Archives of [EMAIL PROTECTED]</A> http:[EMAIL PROTECTED]/ <A HREF="http:[EMAIL PROTECTED]/";>ctrl</A> ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
