US president Bush expressed displeasure with the Organization of the Petroleum Exporting Countries (OPEC)' decision to decrease oil production. The 11-nation cartel announced on March 31 that it would lower oil production by four percent in an effort to prevent oil prices from falling.
"The president is disappointed in today's decision. Producers should not take steps that harm American consumers and our economy," said White House Press Secretary Scott McClellan. "We believe oil prices should be set by market forces in order to make sure that we have adequate supplies. That has always been our view."
OPEC currently supplies one-third of the oil on the global energy market. The recent move is expected to put more upward pressure on oil prices, which have already jumped 12 percent this year, recently hitting a 13-year high.
OPEC is an international Organization of eleven developing countries which are heavily reliant on oil revenues as their main source of income. The current members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates (UAE) and Venezuela. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
