41. OPEC plans oil production cutbacks, hoping to undo the damage it did to prices by an ill-judged decision to start pumping more crude last winter. 42. Also Tuesday, talk of a production cutback underpinned the oil complex. 43. Analysts consider a decline in this category as a signal to manufacturers for production cutbacks. 44. Chairman of the industry body the Major Electricity Users Group, Terrence Currie, said high electricity prices and production cutbacks were proof of a crisis. 45. Despite the production cutback, the effect on consumer prices will be modest, the USDA said. 46. Evans said that recent production cutbacks by refiners partly led traders to shrug off the build in gasoline stocks. 47. Goodyear also felt the effect of production cutbacks by automobile and commercial truck manufacturers. 48. In addition, production cutbacks are scheduled at factories in Oklahoma City, LaVergne and Warren County, Tenn. 49. Increased fuel costs are a direct result of the highest oil prices in nearly a decade, spawned by production cutbacks by foreign oil powers. 50. Janelle Matharoo, an analyst with Bankers Trust in London, said the production cutbacks were at the high end of what analysts had been expecting. |