OPEC to cut oil production by 3.5%

Avatar photo

MIDDLE EAST — The OPEC oil cartel has announced it will cut production by 3.5 per cent starting next month.

The cartel blamed declining prices and rising inventories.
OPEC pumps about a third of the world’s crude oil. The cartel agreed to set quotas to keep the price of its oil index between $22 and $28 a barrel. But prices have dropped 13% in the past month for OPEC’s benchmark, to about $25 a barrel.

Ministers maintained quotas at their last two meetings, held in June and July, amid expectations OPEC would need to reduce supply to make room for Iraq.

OPEC said it would next meet Dec. 4. The cartel has already predicted the daily supply of crude oil would outstrip demand by 2.5 million barrels during the first quarter of 2004.

Avatar photo

Truck News is Canada's leading trucking newspaper - news and information for trucking companies, owner/operators, truck drivers and logistics professionals working in the Canadian trucking industry.


Have your say


This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.

*