Oil and Gas News
OPEC oil price sinks again
Nov 6, 2006, 11:31 GMT
Vienna The Organization of Petroleum Exporting Countries (OPEC) on Monday reported the trend of sinking crude oil prices having continued into the weekend.
According to the Vienna-based cartel, one barrel (159 litres) of OPEC-produced oil cost 54.07 dollars on Friday, 18 cent less than the day before.
Due to the continuing trend of falling crude prices over the last weeks, there have been calls from within the cartel for further reduction of official production quotas, the international energy consultant PVM said in Vienna on Monday.
OPEC's oil ministers had in October agreed in Doha on cutting the current production of 28.5 million barrels per day by 1.2 million barrels. The cuts were to be implemented by November 1.
© 2006 dpa - Deutsche Presse-AgenturCOMMENT
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