OPEC eyes another output hike to cut oil prices

07/24/2000
Click here to enlarge imageThe Organization of Petroleum Exporting Countries has signaled its intention to raise output levels from 10 of its member countries to 25.9 million b/d by the end of the month if world oil prices remained at "current levels."Oil futures prices fell last week by more than $2/bbl to less than $30/bbl for New York Mercantile Exchange (NYMEX) crude for August delivery in response to reports of the imminent production increase, and some analysts are suggesting a fall to as low as $20/bbl is possible.OPEC notificationIn a statement issued through OPEC News Agency, Alí Rodríguez Araque, Venezuela's minister of energy and mines and the organization&#...
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