Regions :: Middle East
10:02 AM MDT | July 30, 2007 | Natasha Alperowicz
Oil Prices Stay High; Ethane Gets Scarcer OPEC, dominated by oil-producing countries in the Mideast, announced plans in December to reduce its oil-production quota in February 2007 by 2%, or 500,000 bbl/day. The announcement follows OPEC’s decision last October to reduce the production quota by 1.2 million bbl/day, to 26.3 million bbl/day. OPEC controls 40% of global oil supplies. The price of oil was just over $62/bbl at CW’s press time in December, significantly lower than record highs of close to $80/bbl reached in mid-2006. Analysts forecast that...
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