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

D.C. Metro inspector to review Silver Line construction issues

Including concerns around the quality of concrete used in the project and other construction elements and practices.

Transportation workers form coalition to stop driverless buses in Ohio

If transportation authorities introduce autonomous vehicles or wages start to fall, the union will organize a strike, according to union chief.

Setzer named president of transit for Transdev North America

Most recently served as CEO of the company’s Nassau County, N.Y.,  the largest contracted transit system in the U.S.

Bordeaux' 'impressive' mobility options balance modernity and history

French city is excellent example of what trams and integrated public transport can offer to discourage the use of the private car.

 

 

Stantec adds to its transportation, environmental services team

Gilberto Ruiz has more than 25 years of experience working across a wide variety of project types including residential, commercial, public works, and transportation.

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