OPEC president: US caused oil price crisis
Rodriguez attributes the start of the crisis to the fact that more than 130,000 wells in the US were shut down in 1998, reducing global output...
September 21, 2000, 02:27 PM
BUENOS AIRES (AFP English)
- OPEC president and Venezuelan Energy Minister Ali Rodriguez accused the United States Thursday of causing the current global oil price crisis. In an exclusive report published Thursday by the Argentine daily Clarin, Rodriguez attributed the start of the crisis to the fact that "in the United States, more than 130,000 wells were shut down in 1998, and that helped reduce global output." Asked about the sharp upward movement in oil prices, Rodriguez said "they are not reflecting market reality" and added that analysts should look to the United States "where there is inadequate refining capacity, and as a consequence, not enough products are being introduced, such as gasoline and distillates."
Interesting, if true...
GZ |
