OPEC agrees to cut crude output but splits over volume

01/15/2001
The Organization of Petroleum Exporting Countries has reached a consensus on proceeding with a production cut at its meeting this week-but not one on how much to cut.Meantime, Qatari Minister of Energy and Industry Abdullah Bin Hamad Al Attiyah has called on OPEC to cut production at least 2 million b/d in order to stabilize crude prices in the second quarter. And Indonesia has called for a cut of 1.5 million b/d.In addition, OPEC's new president has urged OPEC members to proceed with cuts ahead of the Jan. 17 OPEC meeting in Vienna, in order to rally slumping oil prices, and suggested the impending cut would be about 1-1.5 million b/d.The 11-member organization increased its collecti...
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