News In Brief

OPEC rules out price cut to avoid a global 'war'

A group of OPEC oil ministers, meeting to head off a global price war, ruled out any price cut as a way to boost world demand. ''No price change,'' the Saudi Arabian oil minister, Sheikh Ahmad Zaki Yamani , told reporters as an advance group of OPEC ministers began drawing up a crisis plan to put to a full emergency meeting of the 13-member organization Oct. 29.

Former Libyan Oil Minister Kamal Hassan Maghur also rejected the idea of OPEC's cutting prices after reductions by nonmembers Britain and Norway as well as Nigeria - a maverick member of the Organization of Petroleum Exporting Countries.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK