1. By late fall the oversupply could be so great that producers are forced to curtail gas output. 2. OPEC officials have announced they will sharply curtail petroleum output, although the size of the cut will not be known until next week. 3. Other lumber producers, including Canfor Corp., also have cut or plan to curtail output because of weaker lumber markets in Japan and the U.S. 4. Still, one OPEC member that chronically exceeds its quota, Nigeria, said yesterday it was not prepared to curtail output. 5. Toward that end, OPEC officials have announced they will sharply curtail petroleum output, although the size of the cut will not be known until next week. 6. OPEC hopes to bolster faltering crude prices by curtailing output. 7. OPEC frequently complained that whenever it curtailed output to boost prices, Russia simply increased its market share. 8. By deciding to curtail output now, OPEC is unlikely to make an additional cut when its members meet again at a regularly scheduled session in September. 9. Gasoline supplies were pinched because many U.S. and European refineries curtailed output in order to refurbish their equipment, the IEA said. 10. However, OPEC did not rule out curtailing output before its November meeting if prices remain unacceptably low. |