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
Subscribe to World Tribune.com's Daily Headline Alert
Click Above To Subscribe
|