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Article: OPEC Agrees to Cut Production; Cartel Wants Price to Reach Target of $25 a Barrel
- Article from:
- The Washington Post
- Article date:
- October 28, 2001
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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ABU DHABI, Oct. 27 -- OPEC is prepared to cut output to increase
oil prices to its target of $25 a barrel, said the oil minister for
Saudi Arabia, the group's largest producer.
"We are willing and determined to defend $25 a barrel," Ali Nuaimi
said after meeting with his counterparts from the United Arab
Emirates and Oman.
OPEC's oil price index has been below the group's target range of
$22 to $28 a barrel for a month. It was at $18.97 a barrel Wednesday,
down from $25.56 on Sept. 10, the day before terrorist attacks on the
United States compounded a slowdown in energy demand.
The 11 members of the Organization of Petroleum Exporting
Countries, which supplies nearly 40 percent of the ...