OPEC’s 20-Day Wait

Monday, June 19, 2000
As the price per barrel for oil continues to rise and pressure increases on OPEC to release additional supplies, it appears that there is continuing confusion regarding what exactly triggers a movement by OPEC to open the spigots further. Today, an unnamed OPEC official reported that OPEC supply rise would be triggered when the daily OPEC basket price of its crudes stood above $28 for 20 consecutive days, and was not based on a 20-day average price as previously thought. Monday, June 19, was the ninth day consecutive of prices above $28 a barrel. It had originally been understood that production would be increased when the $28 level was the 20-day average.
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Port of Cleveland Taps Chris Ronayne to Lead Board

The Board of Trustees for the Cleveland-Cuyahoga County Port Authority today unanimously elected Chris Ronayne as new board chair.   As President and CEO of University Circle, Inc.

U.S. Submits Formal Plan for Paris Climate Talks

The United States on Tuesday formally submitted its climate change strategy to the United Nations, outlining domestic measures it is taking to achieve up to a 28

DryShips to Sell its Suezmax Tanker Fleet

DryShips Inc. (NASDAQ: DRYS), has announced  that it has entered into firm sales agreements with entities controlled by the Company's Chairman and Chief Executive Officer,

Offshore

Japan, U.S. Look to Expand Naval Cooperation

Japanese Prime Minister Shinzo Abe's push to allow Tokyo to come to the aid of an ally under attack will pave the way for closer cooperation between U.S. and Japanese forces across Asia, a top U.

BP Terminates GoM Rig Contracts

BP terminated contracts for two deepwater oil drilling rigs in the Gulf of Mexico as the British oil company slashes its exploration budget due to fallen oil prices.

MacGregor Appoints Høyesen as VP

MacGregor reorganized into seven operative divisions in the beginning of 2015 to improve customer focus.   Offshore Mooring and Loading Division drives the development

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2966 sec (3 req/sec)