OPEC will not pump more oil despite high prices

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OPEC will not pump more oil despite high prices

OPEC has decided not to produce more oil until next year despite high fuel prices.

The members of the oil producing nations will meet again on January 17 to assess crude prices, Kuwait Oil Minister Sheik Saudasser al-Sabah said.

OPEC worries that a production increase now could cause prices to suddenly plummet if demand subsides as expected in the spring. The decision is not final and still need to be approved by member countries when OPEC ministers meet again at an official meeting on Monday.

Last updated: 15:56 Sunday 12th November 2000.

http://ananova.com/news/story/sm_114112.html?nav_src=newsIndexHeadline

-- Martin Thompson (mthom1927@aol.com), November 12, 2000


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