SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: David Culver who started this subject11/21/2001 9:07:28 PM
From: Marc Fortier  Read Replies (1) of 11633
 
Chavez: OPEC, Producers Deal Close

Wednesday November 21 5:49 PM ET

CARACAS, Venezuela (AP) - President Hugo Chavez said an agreement between non-OPEC and independent oil producers to cut output was "imminent''.

Speaking to a group of business leaders Wednesday, Chavez said he was confident that the Organization of Petroleum Exporting Countries would convince independent producers to contribute to a production cut of 2 million barrels a day.

Last week, OPEC agreed to trim production by 1.5 million barrels a day but only if independent producers such as Russia, Norway and Mexico contribute with an additional combined cut of 500,000 barrels a day.

Chavez praised comments from top Russian officials suggesting that Russia might cut by more than the tiny 30,000 barrels a day it has pledged. Russia produces more than 7 million barrels a day.

Norway and Mexico have also said they may reduce output but have not indicated by how much. The two countries said they would only make cuts of Russia increases the size of its reduction.

In trading on the New York Mercantile Exchange Wednesday, front-month January crude oil futures fell 19 cents to close at $18.96 a barrel. In London, Brent crude from the North Sea fell 2 cents to $18.75 a barrel.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News