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Market and Company News
03.09.2001 00:00

Secretary general of cartel stated "OPEC will not decrease quota on oil extraction any more"

/IRBIS, Sept 03, 01/ - AK&M with reference to Bloomberg informational agency informs that secretary general of oil cartel Ali Rodrigues stated "in 2001 OPEC will not decrease quota any more on oil extraction by countries- members of the organization"

We remind that since Sept 01 OPEC decreased extraction and export of oil by 1 mln barrel (4.1% of total volume) per 24 hours. Now OPEC countries export 23.2 mln barrels per 24 hours. Completely since the beginning of this year OPEC reduced quotes three times - total for 2.5 mln barrels per 24 hours in order to prevent oil price fall less than $25 per barrel.