ABU DHABI -- OPEC has become concerned that its members may not comply with a decision to reduce crude oil production by 4.2 million barrels per day.
Officials said the 13 members of the oil cartel were hurting from the sharp drop in prices and needed to maintain revenues for military and civilian programs.
They said compliance with OPEC decisions in September and October 2008 -- which called for a two million barrel per day cut -- was no more than 50 percent.
"There is commitment in general to agreed [production] levels but there is a need to enhance it," Kuwaiti Oil Minister Mohammed Al Olaim said.
Al Olaim urged his fellow OPEC ministers to implement a decision on Dec. 17 to reduce oil production by 2.2 million barrels per day. The cut was scheduled to take effect in January 2009.
DIE YOU BASTARDS
2 comments:
OPEC has become concerned that its members may not comply with a decision to reduce crude oil production by 4.2 million barrels per day.
Now, there is some good news! I'm looking forward to affordable heating bills this winter.
I read in last week's Newsweek that the UAE is having serious economic problems. Couldn't happen to a nicer bunch, IMO. They squandered all those funds from manipulated oil prices this past year. BWAHAHAHAHAHAHA!
I guess they'll have to cut back on their terrorist financing.
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