US '\'disappointed'\' about OPEC's decision to cut production

Published March 18th, 2001 - 02:00 GMT

US Energy Secretary Spencer Abraham on Saturday said the United States was "disappointed" about the decision by the Organization of Petroleum Exporting Countries to decrease oil production by one million barrels per day. 

 

"In light of the current world economic conditions, OPEC's decision today to cut their oil production quotas is disappointing," Abraham said in a statement. 

 

The oil cartel on Saturday, gathered in Vienna, slashed output by four percent from delivery April to shore up prices as demand wanes into the northern hemisphere summer. 

 

Analysts have warned the move by OPEC -- which produces 40 percent of the world's crude -- could hinder recovery in the faltering global economy, but OPEC has brushed aside suggestions the cut will push up costs in oil-importing countries. 

 

"The decision once again highlights the need for America to reduce our dependence on foreign oil," said White House spokesman Scott McClellan. "That's why President (George W) Bush has made development of energy policy a front-runner issue for his administration." 

 

The United States is the world's largest consumer of oil, importing three-quarters of its 19.4 million barrels per day.—AFP. 

©--Agence France Presse 2001. 

 

© 2001 Mena Report (www.menareport.com)

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