Sunday October 01, 2006

Oil may rise as OPEC considers cutting output

peakoil.com -> bloomberg.com :

Crude oil may rise on speculation OPEC members will join Nigeria and reduce output to counter a 20% decline in prices during the past two months. Nigeria will cut exports 5% next month. OPEC members are cutting output on a "voluntary basis," acting Secretary-General Mohammed Barkindo said.

Oil has plunged because of higher U.S. fuel supplies and reduced concern that conflict will disrupt Middle East shipments. The 11 members of OPEC, which produce about 40% of world oil, kept their output target at 28 million barrels a day at their Sept. 11 meeting. Ministers from Nigeria, Iran and Algeria said they were concerned about falling prices. OPEC's next scheduled meeting is on Dec. 14 in Abuja, Nigeria.

See also :

1. Oil price very low, action needed: OPEC chief
2. Crude oil rises on winter demand, OPEC output risk
3. Crude oil falls to 5-month low as natural gas inventories surge

(2006-10-01 16:41:20 SGT) [Energy] Permalink

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