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U.S. disappointed by OPEC slash in production

SPECIAL TO WORLD TRIBUNE.COM
Monday, March 19, 2000

WASHINGTON — The United States has expressed disappointment over OPEC's decision to reduce world oil supplies.

The Bush administration was responding to an OPEC decision on Saturday to reduce production by 1 million barrels of oil a day — or four percent of the cartel's output.

The OPEC move on Saturday was meant to ensure a price of $25 a barrel. "In light of the current world economic conditions, OPEC's decision to cut their oil production quotas is disappointing," U.S. Energy Secretary Spencer Abraham said. "The oil cartel's action comes amid a U.S. economy slowdown that threatens a decade-long record expansion."

Abraham said the OPEC cut underlined the need for the United States to increase domestic oil production. The administration has been concerned that higher oil prices would hurt the economy.

In contrast, OPEC oil ministers who met in Vienna on Saturday played down the decision. "I don't think the price of crude is all that significant," Saudi Oil Minister Ali Naimi said.

Monday, March 19, 2000

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