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 August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

ZF Turns 100

ZF Friedrichshafen AG is celebrating its centennial in 2015. Founded in the city of Friedrichshafen at Lake Constance in 1915 as “Zahnradfabrik GmbH,” the company

The Hour of Power

Hybrid Marine Technology and Green Ports In 2015 two significant developments are going to make many operators, owners and builders of professional vessels consider hybrid marine power.

Hitachi Gas Supply System Order for MHI

Mitsubishi Heavy Industries, Ltd. (MHI) has received an order from Hitachi Zosen Corporation for a high-pressure gas supply system enabling use of natural gas as fuel in marine engines.

Energy

Harkand: Expanding the Fleet, Growing a Global Business

International inspection, repair and maintenance (IRM) company Harkand aims to be a $1 billion company. MR’s Tom Mulligan recently met with John Reed, the company’s CEO,

ME Production Receives Two Scrubber Orders

ME Production subsidiary Marine Exhaust Technology has been awarded a new contract for the DFDS vessel Finlandia sailing on the route Rosyth-Zeebrugge. The scrubber contract includes design,

HHI Orders Regasification Systems from Wärtsilä

South Korean shipyard Hyundai Heavy Industries (HHI) has ordered two seawater/propane based regasification modules from Wärtsilä. The systems are to be installed

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.1223 sec (8 req/sec)