ARABS-OPEC - Oct. 21 - US Wants Output Rise.US Energy Secretary Bill Richardson  This article or section contains information about one or more candidates in an upcoming or ongoing election.Content may change as the election approaches. meets OPEC OPEC: see Organization of Petroleum Exporting Countries. OPEC in full Organization of the Petroleum Exporting Countries Multinational organization established in 1960 to coordinate the petroleum production and export policies of its President Ali Rodriguez in Caracas and asks for an immediate OPEC output increase. Rodriguez reiterates OPEC would stick to its band mechanism for controlling prices. (Under this system, OPEC should raise its oil output by 500,000 b/d on Oct. 27 if prices do not fall below $28/b. But OPEC cannot do that as such a move needs a ministerial Done under the direction of a supervisor; not involving discretion or policymaking. Ministerial describes an act or a function that conforms to an instruction or a prescribed procedure. It connotes obedience. meeting to approve it and the next meeting is scheduled for Nov. 12. President Clinton wants the OPEC output increase to be done before the Nov. 7 US presidential election as such a move would have an immediate positive effect on the poll's outcome for Democratic candidate Al Gore Noun 1. Al Gore - Vice President of the United States under Bill Clinton (born in 1948) Albert Gore Jr., Gore against his Republican rival George Bush Jr.). Richardson later tells a news conference: "I am very pleased with my meeting with Minister Ali Rodriguez because the meeting has resulted in 500,000 more barrels a day as of a decision later this month". Rodriguez holds a separate news conference and says oil supply outstrips demand by around 2m b/d. (In a mark of Clinton's concern over fuel prices, Richardson is the highest ranking US official to visit Caracas since President Hugo Chavez took office over 20 months ago. Chavez has dismissed an appeal from Clinton earlier this year to lower oil prices, and has insisted that current oil prices are "fair" for the developing nations of OPEC). Rodriguez blames current oil prices on Middle East tension, speculation in the market, and a shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. in US refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar capacity. |
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