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Crude oil prices rose on the New York Mercantile Exchange after OPEC oil ministers in Vienna elected to keep production quotas unchanged. The Organization of Petroleum Exporting Countries said in a statement that world markets remain over-supplied.
LONDON, July 9 /PRNewswire/ -- The Organization of the Petroleum Exporting Countries (OPEC) increased crude oil production by 80,000 barrels per day (b/d) to 28.47 million b/d in June, according to a just-released Platts survey of OPEC members, oil industry officials and analysts.
Crude oil prices rose on the New York Mercantile Exchange Thursday after OPEC said it would leave production quotas unchanged. The Organization of Petroleum Exporting Countries said it was pleased to observe the positive effects of its 4.2 million barrel per day production cut, initiated in September.
OPEC oil ministers in Vienna agreed Thursday to keep current production quotas unchanged for the time being. In a statement, the Organization of Petroleum Exporting Countries said it was pleased to observe the positive effects, of its decision in September to cut production by 4.2 million barrels per day.
Crude oil prices dropped on the New York Mercantile Exchange Tuesday in anticipation of this week's Organization of Petroleum Exporting Countries summit. OPEC oil ministers meet in Vienna Wednesday to discuss changes in production quotas, although ministers could agree to maintain current quotas after cutting output by 4.2 million barrels a day in September. On Tuesday, crude oil prices dropped $1.86 to $59.81 per barrel.
The International Energy Agency in Paris said global oil demand would fall further than expected a month ago, dropping by 2.56 million barrels a day in 2009. In April, the IEA, which tracks energy production and consumption among developed countries, said demand would fall 2.4 million barrels per day. IEA noted the Organization of Petroleum Exporting Countries had increased output, suggesting it would have a difficult time keeping member countries to pledged production cuts agreed to in...
Production down 90,000 barrels per day LONDON, April 9 /PRNewswire/ -- Platts -- The 12 members of the Organization of the Petroleum Exporting Countries (OPEC) pumped an average 27.98 million barrels per day (b/d) in March, as the oil producer group continued its efforts to slash oversupply and prevent oil prices falling further, according to a Platts survey of OPEC, oil industry officials and analysts just released.
Organization of Petroleum Exporting Countries oil ministers meeting Sunday in Vienna have decided not to institute further production cutbacks. Despite the continuing weak prices and low global demand, the OPEC ministers instead pledged to abide by a 4.2 million barrel-per-day cut instituted in December and placed hope that measures to be taken at next month's Group of 20 economic summit in London will help ease the global recession.
Organization of Petroleum Exporting Countries oil ministers met Sunday in Vienna amid a continuing fall in global demand for oil, observers said. The oil ministers were expected to grapple with whether to cut production again, which would be the fourth production cutback in six months, or risk another sharp drop in oil prices, which have fallen from $147 to $45 per barrel since summer, the BBC reported. OPEC faces a dilemma if it moves to institute another production cutback, analysts say,...
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