Oil below $51

Manufacturing News, Source : The Manufacturer US
Published : 17 Jan 2007 14:12

Oil on Tuesday dropped below $51 per barrell, marking a 19-month low. As Forbes magazine reports, the plunge resulted from Saudi Oil Minister Ali Naimi saying that further production cuts are unnecessary.

The Organization of Petroleum Exporting Countries (OPEC) is set to hold a special meeting in February to discuss further cuts, and it is unclear if Naimi's statement means the meeting will not take place.

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