IEA Welcomes OPEC Display of Moderation

Friday, September 28, 2001
The Paris-based International Energy Agency has welcomed OPEC's decision not to make any further cuts in production. Despite a steep fall in oil prices since the terrorist attacks of September 11, the Organisation of Petroleum Exporting Countries today rejected the option of lowering its target for the seventh time this year. "A further cut would simply have added uncertainty to an already uncertain market," said Robert Priddle, executive director of the IEA. "That would not have been in the interest of producers or consumers." Priddle described the OPEC stance as a display of moderation. He also expressed appreciation of statements by OPEC countries and by the Organization's Secretary General, which have pledged to keep oil flowing to consuming countries in the event of any supply disruption. Commenting on the current state of oil markets, Priddle pointed out that, while crude and product stocks have been tight, demand has slowed recently because of weakness in the world economy overall. Decreased demand for jet fuel in the wake of the terrorist attacks will make it easier for refiners to meet demand for heating oil next winter and gasoline next spring.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

Sea Star Line: Equipment Replacement Plan on Track

Company Receives New Refrigerated Containers and Places Order for New Genset Equipment   Sea Star Line, LLC began receiving the first of its new 100 40’ and 45’

MacGregor's Hatlapa Brand is 95 Today

November 2014 marks the 95th anniversary of MacGregor's Hatlapa brand. Since its foundation in 1919 by German engineer Max Hatlapa, the formerly independent Uetersen-based

Pair of ASD Tugboats Delivered to Keppel-Smit

The ASD tugs KST Passion and KST Pride were were delivered to their owner, Keppel-Smit Towage Pte. Ltd of Singapore in October 2014. The two vessels are the first

Energy

Gazprom Transgaz Ufa Organizes Arts Festival

Over 200 healthy children and children with disabilities from Bashkortostan as well as the Volga Region participated in the Breaking the Barriers second interregional children’s arts festival,

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

President Pryor Retires from ExxonMobil Chemicals

Stephen D. Pryor, president, ExxonMobil Chemical Company and vice president of Exxon Mobil Corporation, has elected to retire on January 1, 2015, after more than 44 years of service.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.1072 sec (9 req/sec)