OPEC close to agreement with independent suppliers

Dec. 6, 2001
OPEC said today it is looking to form an alliance with rival independent oil-producing countries for global oil output curbs aimed at lifting world crude prices. Cartel ministers lobbied independent producers to push for the full 500,000 barrel-a-day cut that OPEC has wanted as a condition for triggering its own supply curbs, OPEC sources told the media. The contacts came a day after leading non-aligned
OPEC said today it is looking to form an alliance with rival independent oil-producing countries for global oil output curbs aimed at lifting world crude prices. Cartel ministers lobbied independent producers to push for the full 500,000 barrel-a-day cut that OPEC has wanted as a condition for triggering its own supply curbs, OPEC sources told the media.

The contacts came a day after leading non-aligned producer Russia announced it would contribute a 150,000 barrel per day reduction in crude exports starting January 1.

A full two million barrels daily reduction among OPEC and non-OPEC nations would slice by about 6% supplies from 15 countries that account for some 60% of world production. OPEC said last month that if independent producers didn’t start restricting supply, oil prices could crash to $10 a barrel.

"The announcement from Russia this week was a welcome development and we remain optimistic that other producers will follow suit," OPEC secretary-general Ali Rodriguez said.

About the Author

Tim Parry

Tim Parry is a former FleetOwner editor. 

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Downtime is expensive. This guide shows you how to keep your eet running, reduce repair surprises, and protect your margins—because when your trucks aren’t moving, you’re not...
Learn how fast oil changes can optimize vehicle downtime for fleet owners. Improve revenue and employee productivity while ensuring customer satisfaction with efficient maintenance...
Unlock proven strategies to streamline operations, lead your team, and keep your eet moving forward – all in one guide.
Commercial fleets bear a heavy burden from economic uncertainty, operational costs, and litigation risks. In-cabin video technology offers opportunities to reduce fleet expenses...