Iraq: OPEC Should Reduce Output Up Two Million Barrels

Friday, January 12, 2001
Oil cartel OPEC should reduce production by between 1.5 million and 2 million barrels per day (bpd) when it meets next week and shun U.S. calls for a smaller cut, Iraqi Oil Minister Amir Muhammed Rasheed told Reuters. "What we are trying in the meeting of 17th of January in Vienna is to reduce production so that we get back to the balance between supply and demand. And we think something like 1.5 to 2 million barrels a day would be a good figure," Rasheed said. "We are not in any way affecting the world economy or trying to create a recession; rather, we want to defend normal, fair prices," Rasheed said from Baghdad. The minister criticized U.S. Energy Secretary Bill Richardson's upcoming tour of six OPEC nations which aims to persuade the group to make a smaller output cut, as worries grow over U.S. economic damage from high energy costs. "I think these moves by Bill Richardson will be counterproductive because the more the political manipulation of the oil market, the more we have crisis and we have fluctuation in the prices," Rasheed said. "We will not agree to the pressures which are exercised by the American administration and OPEC. It is high time they give up such measures."

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

Strike In France: Implications for Tanker Demand

After the oil industry suffered from a severe drought in Venezuela, forest fires in Canada and rebel attacks on oil installations in Nigeria, it is now facing

Floating Storage Flattens Fortunes of $50 Crude

The prices of WTI and Brent crude briefly rose above $50/bbl during intraday trading on Thursday, the highest level seen since the end of July 2015, giving traders a brief moment of optimism,

GloMEEP Project Forges Ahead with Train-the-Trainer Workshop

A global Train-the-Trainer workshop on energy efficiency has been delivered in China (23-27 May), preparing the personnel needed to cascade knowledge on energy

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Salvage Ship Repair Ship Simulators 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: 0.0694 sec (14 req/sec)