WORLD
Page 14
THE BATTALION
Thursday, March
All you can eat
MELISSA SACKETT/The Battalion
Matt Blackwell, a sophomore business administration major, receives a serving
of Brazilian cuisine at the annual International Buffet Wednesday in the MSC.
Minister suggests oil increast
PARIS (AP) — Mexico’s oil minister said to
day that the market needs an increase in oil pro
duction to ease high heating fuel and gasoline
prices that top U.S. officials believe are threat
ening world economic growth.
Following a meeting in Paris with Norwe
gian Oil Minister Maarit Arnstad, Mexican Oil
Minister Luis Tellez said that oil inventory lev
els, not just prices, would be a key factor in de
termining oil output.
He is due to meet in London on Thursday
with oil • ministers from Saudi Arabia and
Venezuela to discuss production strategy in ad
vance of the March 27 meeting of the Organiza
tion of Petroleum Exporting Countries.
The three countries joined to set off the pro
duction cutbacks in 1998 that led to Wednesday’s
tight crude oil supplies. Mexico is not a member
of the 11 -nation oil cartel but has held down pro
duction in sympathy.
Talk of possible production increases didn’t
ease market fears. By late morning, the price of
a barrel of crude for delivery in April was up 44
cents at $30.87 — the highest since Jan. 16, 1991
— on the New York Mercantile Exchange.
“We’re looking at a very' tight market,” Tellez
“Nobody wants
abrupt rises and
abrupt falls. We
want a stable mar
ket and a healthy in
dustry that can work
with adequate
prices."
— Alvaro Silva
Venezuelan Vice Oil Minister
said. “Inventories are falling every day. There is
a problem in distillates and gasoline inventories
as well.”
Tellez said a “moderate” increase was need
ed soon.
“1 see a need for more oil in the market. We
need to replenish inventories for a more smooth
ly functioning market We need an increase
duction for the full year starting April 1,”
U.S. Energy Secretary Bill RichardMgji.
Tuesday that world production is currently
lion barrels a day less than consumption. !
Tellez’s remarks came amid reportsMdij
Saudi Arabia and Venezuela were settoprt^
that OPEC increase crude oil production hi
million barrels a day. OPEC countriescintiiii
produce about 26 million barrels a day—
cent of the world’s daily oil production.
Venezuela’s vice oil minister denied tlierepi;
“This is speculation,” said the ministeu
varo Silva, speaking in Caracas. Henotedii
the ministers from the three countries “I
even met yet.”
“Nobody wants abrupt rises and abrupt^
Silva said. “We want a stable market andaheal
industry that can work with adequate prices."
He said that neither Venezuela north
other countries have decided yet on any sped
proposal for a production hike by OPEC.
The United States has been try ing to persai
oil-producing nations to increase output iniil
fort to ease international oil prices, whi
reached nine-year highs at about $30 a i
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Major drug producers
HEW
BONFIl
$
•$900,
•$400,
•$200,
•$215,
♦$40,0i
•May not
Re
ne
Twenty-six countries or jurisdictions have been cited by the U.S. State
Department as major producers of drugs or transient points for drugsente-fj
the United States. Here is a look at those countries and their estimated
production of opium, coca and cannabis.
Mexico
Guatemam^L*'
Panama
Colombia
Ecuador
Peru
Bolivia
Paraguay
i— Bahami
Haiti
* Dominic
’** Jamaica
'JIIL.
• ■
Estimated production
4.5 thousand metric tons
3.0
1.5
0
Breakdown of 1999 production
Other
4%
Southeast
Asia
40%
’91
'93
'95
'97
'99
700 thousand metric tons
500 j
300 lH im
100 n
'91 '93 '95
Bolivia
4%
Peru
11%
’97
’99
Texas A
plant trees
lives of the
by planting
tions of Ag,
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have three k
ingoffourl
“One of
someone is
king chair
jor. “We fee
biggest thin
isthisorgar
The kid
Soutines! L „
& fl Polo Street.
56‘tasked if the
Replant
ic Compte:
seedlings a
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this/ear.
Colomtl
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25 thousand metric tons
15
IJ
rntyj]
Others
31%
Coloi
Mexico
33%
B!
People
memories i
’91 ’93 '95 '97 ’99
Source: International Narcotics Control Strategy Report
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