Energy: good news at pump sparks OPEC to tighten the oil valve
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Manufacturing News, Source : The Manufacturer US
Published : 06 Oct 2006 20:44
In direct reaction to falling oil prices, OPEC member nations have agreed among themselves to tighten its output by four percent in coming weeks.
This according to a Forbes story, which described that US Energy Secretary Samuel Bodman is pressuring OPEC to keep the pipelines open.
Oil fell to less than $60 a barrel earlier in the week, quite a dip from the $78 plus from mid July. OPEC seeks to maintain prices of $50+.
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