Home / Knowledge / News / Textiles / OPEC members not complying with diktat of reducing supplies

OPEC members not complying with diktat of reducing supplies

10
Dec '08
Amid collapsing prices due to a slowdown in demand and news of recessionary trends extending in to the summers of 2010, countries of the OPEC have cut output by around 800,000 barrels per day (b/d) in November. The largest reduction in production came from Saudi Arabia which saw average production falling to 8.65mn b/d in November from 9.2mn b/d in October.

At a meeting held on October 24, OPEC had declared its intention to reduce crude oil output by 1.5 million b/d, but seems to be a distance away from the targeted figures. But at a recent meeting held in Cairo, Egypt on November 29, the ministers decided not to go ahead with the cut till they meet again on December 17 in Algeria.

Russia till date which never followed the dictates of the OPEC advisories is slowly coming around to the thought that amidst slowdown and falling prices it is more prudent to cut output rather than bring immense harm to the economy as it income goes down with a fall in prices.

Meanwhile, today the Asian market closed slightly higher than yesterdays closing. January WTI closed at $43.01/bbl up 94 cents and January BRENT $42.38/bbl up 85 cents. Crude futures strengthened on Wednesday afternoon in Asia, after falling 4% yesterday. Prices had fallen on Tuesday on expectations of lower US energy demand.

Oil prices in the European markets fell yesterday in spite of several attempts to add to the previous day's gains again on reports of low demand for the oil in the coming months. January WTI closed at $42.50/bbl, down $1.21/bbl., while January BRENT fell to $42.20/bbl, down $1.22/bbl

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Textiles | On 24th Sep 2020

IDH-Apparel Impact Institute launch Tier 1 Vietnam project

The Netherlands-based IDH-the Sustainable Trade Initiative and the...

Pic: UC SANTA BARBARA

Textiles | On 24th Sep 2020

US scientists assess synthetic fibres pollution on land

Scientists in the US have said that the volume of synthetic...

Pic: Bushell Investment Group

Retail | On 24th Sep 2020

Bushell Investment Group acquires shoe retailer ALDO UK

The Bushell Investment Group (BIG) has acquired the UK arm of the...

Interviews View All

Amit Jain, Shingora Textiles Ltd

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Claudia Kersten, Global Organic Textile Standard

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Shiladitya K Joshi, Truetzschler India Private Limited

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Ismail Ajani,

Ismail Ajani

Hollywood Footwear’s story began in 1946 when Jummabhai Ajani started the...

Himanshu Jariwala,

Himanshu Jariwala

J Korin started as a partnership firm with four powerlooms in the textiles ...

Luciano Sardini,

Luciano Sardini

A consolidated reality in Italy and internationally, IMA Spa is well-known ...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Luis Quijano, Liberty University

Luis Quijano
Liberty University

Focusing on bold patterns and colour palettes, Luis Quijano, a student at...

Mark Brill, Birmingham City University (BCU)

Mark Brill
Birmingham City University (BCU)

<div>A technological breakthrough could see people getting messages about...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search