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OPEC to Cut Oil Output Next January
The president of the Organization of Petroleum Exporting Countries (OPEC) said on Friday, December 8,the organization will decide on an oil production cut in a meeting on January 17, 2001.
Ali Rodriguez Araque, also the next Secretary General of OPEC, pointed out that the action of the organization is due to the oil price drop resulting from over-supply and speculation factors during this week.
OPEC has increased its oil output for four times in order to stabilize international market oil prices this year, as the prices had even reached the highest level in 10 years. Rodriguez had insisted the price increase was not a result of the lack of supply but the lack of efficiency in refining, speculations and high taxies.
The average OPEC oil price was US$27.04s per barrel and the Brent price was 28.97 dollars, down 3.77 and 3.70 dollars from last week's level, respectively, according to a report by the Venezuelan Ministry of Energy and Mining on Friday.
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