Worldfocus » oil production http://worldfocus.org International News, Videos and Blogs Fri, 19 Mar 2010 21:04:56 +0000 http://wordpress.org/?v=2.6 en OPEC announces record oil production cuts http://worldfocus.org/blog/2008/12/17/opec-announces-record-oil-production-cuts/3277/ http://worldfocus.org/blog/2008/12/17/opec-announces-record-oil-production-cuts/3277/#comments Wed, 17 Dec 2008 17:47:36 +0000 Worldfocus http://worldfocus.org/?p=3277 Organization of the Petroleum Exporting Countries (OPEC) set a precedent today with its largest oil production cuts ever — 2.2 million barrels per day. The reduction meets falling demand for oil and addresses dramatic price reductions that have been devastating for oil producers.

OPEC recommends that non-oil producers like Russia join in the cuts rather than benefit from higher prices while producing the same amount of oil.

Geoffrey Heal, a professor at Columbia University’s Graduate School of Business, explains the effect these production cuts will have on the U.S. and how they will continue to function in the future given potential lack of adherence by OPEC member nations and a developing U.S. energy policy.

Organization of the Petroleum Exporting Countries (OPEC) set a precedent today with its largest oil production cuts ever — 2.2 million barrels per day. /files/2008/12/th_opec_heal.jpg /files/2008/12/th_opec_heal.jpg ]]> http://worldfocus.org/blog/2008/12/17/opec-announces-record-oil-production-cuts/3277/feed/ OPEC to consider third round of oil production cuts http://worldfocus.org/blog/2008/11/28/opec-to-consider-third-round-of-oil-production-cuts/2955/ http://worldfocus.org/blog/2008/11/28/opec-to-consider-third-round-of-oil-production-cuts/2955/#comments Fri, 28 Nov 2008 22:39:36 +0000 Worldfocus http://worldfocus.org/?p=2955 Organization of the Petroleum Exporting Countries (OPEC) members are scheduled to meet this Saturday to discuss cutting production, with oil prices now around one-third of the record levels reached in July.

OPEC has already made two production cuts this year, totaling 2 million barrels a day.

Fadel Gheit, the managing director of oil and gas research for Oppenheimer and Company, speaks with Martin Savidge about the reasons for further production cuts, how these cuts would impact Saudi Arabia and prospects for a comprehensive energy plan.

OPEC members are scheduled to meet this Saturday to discuss cutting production due to plunging prices. /files/2008/11/th_brazil_oilent-2.jpg /files/2008/11/th_brazil_oilent-2.jpg ]]> http://worldfocus.org/blog/2008/11/28/opec-to-consider-third-round-of-oil-production-cuts/2955/feed/