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On Sunday, November 12, the Organization of the Petroleum Exporting Countries (OPEC) decided against pumping more oil, because of their fear of oil prices dramatically dropping after the cold winter months. The Oil Cartel, which met in Vienna, Austria, plans to keep oil prices between $22 to $28 a barrel. The news that OPEC would not be increasing oil production caused the price of light crude oil in the US to increase 46 cents to $34.48 a barrel, and Brent crude oil rose 41 cents to $32.43 a barrel. OPEC has already raised the quotas for crude production four times in the past year in an attempt to keep prices at a reasonable level. The next planned meeting for OPEC will be held on January 17, 2001 to review oil output levels. The eleven nations of OPEC, including Libya, Iraq, Iran, Kuwait, Saudi Arabia, and Indonesia, supply nearly 40 percent of the world's oil.

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      oai:nsdl.org:2200/20120928112758356T,NSDL,NSDL_SetSpec_internetscout

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      English

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