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 : Strictly: Drilling and oil-field services
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Bilberry who wrote (32780)12/12/1998 1:32:00 PM
From: Platter  Read Replies (2) of 95453
 
The pain will drive drastic action at OPEC!..Mark my words!!!! Check this article......... "12/12/98 Libyan Oil Minister Calls for 'Drastic Cuts,' Wants Earlier OPEC Meeting
Libyan Oil Minister Supports Early OPEC Meeting, 'Drastic Cuts'

Cairo, Dec. 12 (Bloomberg) -- Libya's oil minister said
''drastic'' production cuts are needed to lift oil prices and
called for an emergency gathering of the Organization of
Petroleum Exporting Countries before its next scheduled meeting
in March.

Abdalla Salem El-Badri ''advised'' that OPEC should hold an
early meeting.
''We are going to work on OPEC members that they should do
something,'' El-Badri said. ''Maybe they should have a drastic
cut to get rid of the inventory. There is no other choice.''

OPEC, in a meeting last month, failed to deepen existing
output cuts to ease an oil glut and boost prices which is close
to a 12-year low. The 11-member organization, which controls
about 40 percent of the world's oil supply, is embroiled in a
dispute over which members should bear the brunt of any further
cuts.

January Brent crude rose 18 cents to $9.82 on the
International Petroleum Exchange yesterday, after touching a
record low $9.60 Thursday. Crude oil for January delivery was
little changed at $10.79 on the New York Mercantile Exchange
after slumping to $10.66, the lowest price sine July 1986.

El-Badri's comments support those of Kuwaiti Oil Minister
Sheikh Saud Nasser Al-Sabah who last week called for an
emergency gathering of world oil ministers to discuss production
cuts before OPEC's next scheduled meeting. OPEC members should
reduce their combined oil output by a minimum of 1.5 million
barrels a day, Al-Sabah said.
''We have to do something. OPEC must do something,'' Badri
said at a regular meeting of the Organization of Arab Petroleum
Exporting Countries in Cairo. Libya is a member of OPEC.


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