Word: opec
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...connection between price and supply was painfully obvious to all the OPEC members. High production levels will only push prices still lower. With this in mind, Algeria and Venezuela proposed making 14 million bbl. the ceiling for OPEC producers and dropping the official price only slightly, to $32. But most members were hoping for a consensus closer to 17.5 million bbl. of production and a new benchmark price of $29. Saudi Oil Minister Sheik Ahmed Zaki Yamani, realizing that the burden of a low production quota will fall on his country, rejected the proposal by Algeria and Venezuela with...
...Recent OPEC history supports Yamani. A year ago, the group agreed to a production ceiling of 18 million bbl. a day. Before long, however, Algeria, Nigeria, Libya, Venezuela and Iran were all exceeding their quotas...
...archrival Saudi Arabia lower its output by nearly 10% to 3 million bbl. a day, while Iran be allowed to raise production to match that level. Iran, which is currently exporting only 1.5 million bbl. a day, is desperate to raise money for its continuing war with Iraq, another OPEC member. The threat of Iraqi air raids against the main Iranian shipping terminal at Kharg Island has helped cut Iran's exports by 1 million in the past month...
Iran's representative to OPEC, Mohammed Gharazi, was easily the most obstreperous delegate in London last week. He proclaimed that his country would "never, never, never" agree to a reduction in the official OPEC price, a transparently hypocritical stance. For months Iran had been offering discount prices, sometimes as low as $26, in hopes of boosting production. The Iranians fear that if the benchmark price were slashed, they would have to offer even deeper discounts to maintain sales. In the face of a deadlock on the pricing issue, some ministers began talking openly of an unprecedented move: reaching...
...OPEC deliberated, government officials around the world cheered the prospect of a moderate drop in oil prices. But they also pondered the possible dangers of an all-out oil price war. In the U.S., Federal Reserve Board Chairman Paul Volcker was concerned that a precipitous drop in prices might increase the already alarming U.S. budget deficit by cutting receipts from the windfall profits tax on oil. If that happened, he suggested, Congress should consider imposing...