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Oil Price Rise Again

Posted November. 24, 2001 11:45,   


The oil price that has plunged since 9.11 terror turned upward over 20 dollar per barrel by the agreement on the reduction of the oil production between OPEC and Norway, the third oil producer.

Norwegian Petroleum Minister remarked yesterday, "Norway is likely reduce oil production by 100,000-200,000 barrels per day." on the condition that all other OPEC member and non-member countries reduce the production at the same level.

By the decision of Norway, the conflict between the OPEC members and non-member countries is expected to be resolved. And now, nations are looking at the second oil producer Russia, which had enraged OPEC Petroleum Ministers by announcing only 30,000-barrel reduction plan last week.

Both the OPEC and Norway planned to reduce 1.5 million barrel and 100,000-200,000 barrels per day respectively on condition of the corresponding reduction of Russia.