HIGHER WINTER FUELS BILL SEEN.Byline: Bruce Stanley Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Consumers in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe will likely pay steeper fuel bills this winter due to OPEC's decision Wednesday to maintain deep cuts in oil output until at least March. The Organization of the Petroleum Exporting Countries announced its widely expected move in a communique issued during a semiannual meeting of its 11 oil ministers. 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 will stick to cuts of 4.3 million barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. that it has made over the past two years. OPEC ministers have said they hope to see prices increase further, and they expressed concern over what they see as a continued oil surplus in world markets. ``Given the remaining high level of stocks, OPEC member countries have reaffirmed their strong commitment to the agreement reached in March 1999 until at least the end of March 2000,'' the communique said. OPEC will review market conditions at that time and act to ensure ``continued market stability,'' it said. OPEC Secretary General Rilwanu Lukman Rilwanu Lukman was the OPEC Secretary General from 1 January 1995 to 31 December 2000. He hails from Zaria in Kaduna State of Nigeria. Dr. Lukman is currently on the board of Afren Plc, a leading independent exploration and production company. , speaking at a news conference, did not rule out the possibility that group members would keep producing at these levels beyond March. OPEC produces more than 26 million barrels of crude each day, at least 35 percent of the of the world's total. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion