OPEC Calls For Stable Oil Market

Published: Fri 14 Sep 2001 12:22 AM
The Worldoil News Agency has reported the Organisation of Petroleum Exporting Countries (OPEC)cartel would would seek to guarantee a stable oil market and meet demand in the wake of the terrorist attacks in the United States.
Algeria's Chakib Khelil was quoted as saying: "The member countries of OPEC are for the stabilisation of the oil market.
"The organisation is working to satisfy all demand on the market,"
He also asserted that the grouping would stick to maintaining a target price of 25 dollars per barrel.
The price of oil fell on Wednesday, but traders were on alert for any US retaliation amid concerns that Gulf Arab producer nations might become embroiled in a wider conflict.
The price of Brent North Sea crude for October delivery fell 84 US cents a barrel to 28.22 dollars in late trade in London.
Brent crude prices had spiked above 31 dollars on Tuesday in the aftermath of the devastating attacks on the US World Trade Centre and the Pentagon.
The US oil market was not open when news broke about the attacks.
The Organisation of Petroleum Exporting Countries (OPEC) was quick to pledge that it would guarantee sufficient oil supplies to stabilise oil prices.
Selwyn Manning - Scoop Auckland
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