Chavez: Agreement between OPEC and independent producers - November 25, 2001

Providing coverage of Alaska and northern Canada's oil and gas industryNovember 2001

Vol. 6, No. 18

Week of November 25, 2001

Chavez: Agreement between OPEC and independent producers

by The Associated Press

President Hugo Chavez said Nov. 21 that an agreement between non-OPEC and independent oil producers to cut output was “imminent.”

The Organization of Petroleum Exporting Countries agreed Nov. 14 to trim production by 1.5 million barrels a day but only if independent producers such as Russia, Norway and Mexico contribute with an additional combined cut of 500,000 barrels a day.

Chavez praised comments from top Russian officials suggesting that Russia might cut by more than the tiny 30,000 barrels a day it has pledged. Russia produces more than 7 million barrels a day. Press reports Nov. 23 indicated Russia will only commit to cutting 50,000 bpd.

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