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Article: Oil price jumps 2% as Opec slashes output by 1.5 million barrels a day
- Article from:
- The Independent (London, England)
- Article date:
- December 29, 2001
- Author:
CopyrightCopyright 2001 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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THE OIL price jumped more than 2 per cent after the producers'
cartel Opec announced that its massive cut in output would last for
at least six months.
Opec rubber-stamped its widely trailed decision to order a
reduction in total production of 1.5 million barrels a day, or 6.5
per cent, of the cartel's output. Ministers will review policy at
their next meeting on 15 March. The price of a barrel of Brent crude
oil rose 42 US cents, or 2 per cent, to $20.76 a barrel in London
after a rise of more than a dollar on Thursday.
The decision is likely to trigger an immediate rise in petrol
prices although economists are confident any rise in the oil price