Word: vienna
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...Since last month oil ministers in Iran and Venezuela - both of which are heavily dependent on oil revenues - have pushed fellow OPEC members to make big enough cuts in production to reverse the plunge in prices; both argued for a cut of two million barrels when they arrived in Vienna on Thursday for OPEC's emergency meeting. OPEC countries set oil production quotas, and their tactic of fixing their combined output has for years hugely influenced world prices, since OPEC's 13 members account for about one-third of the world's total oil supplies...
...global financial crisis has been the falling oil price it has precipitated. But OPEC is determined to put an end to the relief at the gas pump. Concerned to protect their countries' financial health, oil ministers from the 13 members of the cartel of oil-producing countries meet in Vienna on Friday with only one item on their agenda - cutting their oil output in order to drive up world prices. Oil prices have been slashed by more than half in just three months, from $147 a barrel in July to as low as $67.50 a barrel on Wednesday. That...
Jieun Baek ’09, co-founder and director of Harvard Undergraduates for Human Rights in North Korea, wrote in an e-mail from Vienna that she’ll be “praying fervently” for Koh in the next few days while he’s “making history...
...producers have their way, oil prices could start rising again. Their growing anxiety erupted early this week, when Iranian and Venezuelan officials warned that if Opec waited much longer before cutting its output, it could face another massive price collapse. On Thursday, Opec officials scheduled an emergency meeting in Vienna for Nov. 18 rather than wait until the cartel's scheduled summit in Algiers in early December. In the meantime, the world's biggest oil producer, Saudi Arabia - which increased production in the summer - has already begun loading less oil on its tankers, according to global oil figures...
...miserable day was over, European markets gave new force to the glumfest, opening with plunges near or in double digits. By day's end, those declines had been scaled back to 8.85% on London's FTSE 100, 7.7% on Paris' CAC 40, and 7% on Frankfurt's DAX index. Vienna's market lost 10% upon resumption of trading after temporary suspension there, while exchanges in Moscow and Jakarta were considered too volatile to even reopen...