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15/11/2001
No decision from non-members but OPEC agree cut
Oil production cartel, the Organisation of Oil Producing Countries (OPEC), have conditionally agreed a production cut of 1.5m barrels a day following a 30 per cent drop in oil prices since September 11.
The organisation hope that the cut will stimulate the price of crude, but the success of the move depends on similar cuts from on OPEC producers, notably Mexico, Russia and Norway.
The Mexican government have announced an export cut of up to 100,000 barrels per day, a reduction conditional on OPEC confirming their own cut and similar agreements from other producer countries.
OPEC have requested that non-members agree to a combined cut of 500,000 barrels per day, but Russia and Norway, the two biggest exporters among non-OPEC producers, have yet to confirm this move, threatening to derail the deal even before Mexican or OPEC cuts are implemented.
OPEC fears that even if they reduce supply from their members, the markets will still be flooded by oil from other producers, which would mean the revenue streams of OPEC members would be substantially lowered despite their own sacrificial cuts.
(GB)
The organisation hope that the cut will stimulate the price of crude, but the success of the move depends on similar cuts from on OPEC producers, notably Mexico, Russia and Norway.
The Mexican government have announced an export cut of up to 100,000 barrels per day, a reduction conditional on OPEC confirming their own cut and similar agreements from other producer countries.
OPEC have requested that non-members agree to a combined cut of 500,000 barrels per day, but Russia and Norway, the two biggest exporters among non-OPEC producers, have yet to confirm this move, threatening to derail the deal even before Mexican or OPEC cuts are implemented.
OPEC fears that even if they reduce supply from their members, the markets will still be flooded by oil from other producers, which would mean the revenue streams of OPEC members would be substantially lowered despite their own sacrificial cuts.
(GB)
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23 November 2001
Russia announce minimal oil production cut
Russia have announced they will cut their oil exports by 50,000 barrels a day, a figure short of the amount requested by the Organisation of Petroleum Exporting Countries (OPEC).
Russia announce minimal oil production cut
Russia have announced they will cut their oil exports by 50,000 barrels a day, a figure short of the amount requested by the Organisation of Petroleum Exporting Countries (OPEC).
04 June 2004
Opec supply boost drops oil price
Yesterday's move by Opec to increase oil supply quotas has helped reduce the upward pressure on oil prices. The mainly Middle Eastern Opec cartel agreed to raise quotas by 2 million barrels a day in July and by a further 500,000 barrels a day in August. The announcement of increased supply in July led to a 53 cent drop in a barrel of crude to $38.
Opec supply boost drops oil price
Yesterday's move by Opec to increase oil supply quotas has helped reduce the upward pressure on oil prices. The mainly Middle Eastern Opec cartel agreed to raise quotas by 2 million barrels a day in July and by a further 500,000 barrels a day in August. The announcement of increased supply in July led to a 53 cent drop in a barrel of crude to $38.
27 September 2001
Opec opts to hold steady on oil prices
The Organisation of Petroleum Exporting Countries (Opec) has chosen to hold prices steady in order to avoid criticism of profiting from current tensions between the West and the Middle East.
Opec opts to hold steady on oil prices
The Organisation of Petroleum Exporting Countries (Opec) has chosen to hold prices steady in order to avoid criticism of profiting from current tensions between the West and the Middle East.
10 September 2001
Corus reveals £230m losses for half-year
Steel producer Corus, formerly British Steel, has revealed that company pre-tax losses for the last half-year has hit £230 million. The steelmaker, which has already cut thousands of jobs this year, said profits had been damaged by continued losses in the company’s carbon steel operations.
Corus reveals £230m losses for half-year
Steel producer Corus, formerly British Steel, has revealed that company pre-tax losses for the last half-year has hit £230 million. The steelmaker, which has already cut thousands of jobs this year, said profits had been damaged by continued losses in the company’s carbon steel operations.
13 August 2001
UK producer prices show marginal fall
Overall UK manufacturing prices fell by 0.2 per cent in July from those from June. According to the latest figures available form the Office for National Statistics the past year has seen the prices charged to manufacturers, the input prices, fall for the first time in over two years.
UK producer prices show marginal fall
Overall UK manufacturing prices fell by 0.2 per cent in July from those from June. According to the latest figures available form the Office for National Statistics the past year has seen the prices charged to manufacturers, the input prices, fall for the first time in over two years.
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
