Oil Price Slips as OPEC Ministers Agree to Increase Production

Published June 22nd, 2000 - 02:00 GMT

The crude oil price slipped from recent summits early on Thursday after OPEC ministers had agreed to increase production by 708,000 barrels per day from July 1st. 

In London, the price of benchmark Brent crude for August delivery fell by 21 cents in early trading to 29.12 dollars a barrel. 

In New York, light sweet crude for August delivery had closed at 31.37 dollars a barrel. 

Analysts said that this was a relatively small production increase and noted that it fell short of the one million extra barrels that the world's leading oil consumer, the United States, had hoped for – LONDON (AFP) 




© 2000 Al Bawaba (www.albawaba.com)

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