21. OPEC agreed Tuesday to proceed with plans to cut crude oil output as oil prices fell on perceptions that the group was not doing enough to rescue the market. 22. OPEC will cut output at that time if necessary, the ministers said as they began formal talks to ratify their agreement. 23. After Madrid, Naimi headed to Norway as part of the initiative to urge other producers to cut output until the end of the year. 24. An OPEC source said Wednesday that cartel members have agreed to cut output later this month regardless of whether oil prices have risen from current levels. 25. Contractors also are increasingly using foreign steel because inefficient Chinese producers have been ordered to cut output to hold down losses, the Business Weekly said. 26. For such a strategy to have the desired impact, however, non-OPEC suppliers would have to cut their output as well. 27. Floods caused by heavy seasonal rains in September and October have cut output there to barely half of the projected nationwide total. 28. Four Gulf oil producers announced Monday that they would follow the lead of Saudi Arabia, Venezuela and Mexico and cut output to shore up world prices. 29. He said several companies had shut down plants and the surviving plants had cut output by about half. 30. However, the Vienna-based organization on Wednesday had not yet cut output in order to raise prices. |