(OIL)U.S. delays oil reserves release until OPEC outcome known

greenspun.com : LUSENET : TB2K spinoff uncensored : One Thread

WASHINGTON -- The Clinton administration will await the outcome of the meeting of the Organization of Petroleum Exporting Countries (OPEC) later this month before deciding whether to release some of the United States oil reserves, said Energy Secretary Bill Richardson on Wednesday.

OPEC members are due to meet in Vienna, Austria, on March 27 to decide whether to raise oil production quotas and help bring down rising prices.

Saudi Arabia and Venezuela are pushing for higher production and Iran appeared to soften its stand against an increase in supply, after a meeting between the Saudi and Iranian oil ministers on Wednesday.

Libya and Algeria appear to oppose such an increase.

The U.S. views supply increases as essential to easing prices in the oil markets, where a barrel of crude reached $34 on Tuesday, for the first time since 1990.

"My view is that there will be an increase in production," Richardson told members of a congressional subcommittee.

"What is very important is that the level of increase be a sizable amount and, secondly, that it be done in a timely fashion. That's our objective for that meeting."

-- Chris (!@#$@pond.com), March 09, 2000



-- Chris (!@#$@pond.com), March 09, 2000.

One should crtainly HOPE they delay action of this type. After all, this is supposed to be a STRATEGIC reserve, not a price buffer. When will you planet-bound learn the difference between strategic necessities and comfort??


-- Joss Metadi (warhammer@Pride.of.Mandeyne), March 10, 2000.

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