Management & Operations

OPEC cuts oil production

Posted on February 10, 2004

The Organization of Petroleum Exporting Countries (OPEC) decided Tuesday to cut its excess production of crude oil immediately and lower output quotas by 1 million barrels a day effective April 1.

Analysts said the move suggests that prices of fuel and other refined products will rise. The combined cuts would reduce actual production by about 10 percent a day.

OPEC made the reduction to try to keep oil prices stable with the coming of warmer weather, which usually wears down the demand for oil in major importing countries.

The oil group, which pumps about a third of the world's oil, said the planned April cut is unconditional.

View comments or post a comment on this story. (0 Comments)

More News

Waymo begins offering rides in self-driving cars

Waymo, Google's self-driving car project, and Fiat Chrysler haved teamed up to offer rides to the public so that it can get feedback on the experience.

King County Metro, Intersection extend advertising contract

The agency first tapped Intersection in 2005, when, operating as Titan, the company won a competitive contract granting the exclusive rights to sell advertising on its 1,400 buses and facilities

BAI Communications acquires inMOTION Wireless

In 2014, inMOTION was awarded an exclusive 22-year license by Boston’s MBTA to design, build, finance, and operate a multi-application high-speed network along the MBTA Commuter Rail System and on MBTA ferries.

Calif.'s Big Blue Bus rolls out mobile ticketing app

The program will be evaluated after a six-month period to determine whether customers feel that the app fare payment is beneficial, in addition to BBB staff determining the cost/benefit of adding the app to BBB’s suite of fare media products.

Pace mourns death of Bolton, former deputy exec. director

He passed away in the early hours of April 15, 2017, after battling pancreatic cancer. He was 69.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close