1.
Teen solves centuries-old math problem
RIYADH, Saudi Arabia, Nov. 27 (UPI) -- Saudi support for a production cut by OPEC are likely to push prices up until the cartel acts Dec. 14 at its meeting in Nigeria.
"We will first assess the impact of the measures that were decided on at the Doha meeting last month and if they serve the purpose of bringing stability in the global market, then we will not act," Ali al-Nuaymi, minister of petroleum and mineral resources, said Sunday. "But, if these measures fail, then further cuts cannot be ruled out."
The comments came in the Saudi capital, Riyadh, at an energy event, "International Joint Oil Data Initiative (JODI) Conference."
The Organization of Petroleum Exporting Countries is to meet in Abuja, Nigeria, Dec. 14 and decide on its course of action. Last month, in a bid to stem a 25 percent slide in oil prices from over the summer, the cartel cut production by 1.2 million barrels a day, but that move had little effect on prices, which are at $60 levels.
Nuaymi also said prices will not be the only factor OPEC will take into account while making its decisions. He said high oil stocks in industrialized nation were leading to an imbalance in supply and demand and could force OPEC to cut production.
|
|
|
|
|
|
| Additional Energy Resources Stories | |
LONDON, May 25 (UPI) --
The British government unveiled a draft energy bill this week critics say will raise prices and favors new gas-fired power plants over renewable sources.
|
MCLEAN, Va., May 25 (UPI) --
Linguistic, operational, translation and management services in support of the U.S. National Media Exploitation Center are to be provided by SAIC.
|
First-time buyers are driving the expectations that a recovery has begun. Their numbers and market share are growing despite financing roadblocks and competition with investors for entry-level homes. ...
|
It is a whole new ball of wax in Europe these days.
|
| Stories | Photos | People | Comments |
View Caption
