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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (April 25, 2003)
WORLD Frid ay, April 25 , THE BATTALION 5A Friday, April 25, 2003 OPEC cuts actual output by 7 percent •light out nonmain- ulver. "With he showed he’d re! hose early roles, mi of his age group,''!): lat he was able to sat 'There’s Someth; ra of slackjaw stupii was really smart of Dillon for “seeking! or-driven projects as >grossed throughik sometimes critical!! in independentfil® isic videos for friete according to hint, ict work of creative -ity- ester, and 1 considet ," says Dillon. “This home.” friend, he met“0z" 1a, who asked him it he HBO prison drar. first-time actor-tunit k; Kathy Bates,Chat Busceini had all By Bruce Stanley THE ASSOCIATED PRESS VIENNA, Austria Hoping to stabilize weakening crude prices, OPEC members agreed Thursday to cut their current oil output by 2 million barrels a day, or 7 percent. At the same time, the Organization of Petroleum Exporting Countries took the surprising step of temporarily raising its official output target to 25.4 million barrels, up 900,000 barrels a day from its existing ceiling. I The changes take effect June l.OPEC President Abdullah bin Hamad Al-Attiyah said. The group, whose 11 mem bers pump about a third of the world’s oil, announced its decision at a chaotic news con ference at its headquarters that left some energy analysts bewildered. The announcement followed three hours of emergency talks that aimed at preventing a fur ther decline in prices. Crude prices have tumbled from almost $40 a barrel for U.S. crude before the Iraq war to about $25 in recent weeks. OPEC feared more declines if it didn’t rein in what it saw as an oversupply just as crude demand reached a seasonal low. The group based its produc tion cut largely on what it said was sluggish global demand during the second quarter. The slowdown has been exacerbated by the outbreak of Severe Acute Respiratory Syndrome, which Al-Attiyah said has dampened crude demand by 300,000 bar rels a day. OPEC plans to review its decision when it meets again June 11 in Doha, Qatar. “We feel we may need another cut in June,” Al-Attiyah said. “We will watch the market very carefully. We will see how the market reacts.” The market’s initial reaction was to shave about a dollar off the price of a barrel of oil, as traders apparently concluded that OPEC was making more crude available than they had expected. June contracts of U.S. light, sweet crude fell as low as $25.61 a barrel in New York, but ended down 1 cent at $26.64 a barrel. North Sea Brent crude for June delivery settled up 4 cents at $24.30 a barrel in London. Al-Attiyah argued that OPEC could not begin cutting production in May because member countries had already committed fixed quantities of oil to their customers. “We cannot pull out of the market,” he said. Several OPEC members had boosted their production before the war, hoping to head off a supply shortage. The rapid end of the conflict has left them fac ing what they see as a surplus of 2 million barrels a day. “It is important to reduce oversupply,” Venezuela’s oil minister Rafael Ramirez told reporters before the hastily arranged talks began. “We have to have more discipline, and it is important to take measures and remove that amount from the market.” If not, OPEC wouldn’t be able to maintain its price target of $25 a barrel, he said. Many energy analysts had expected OPEC to agree to curb production. In the end, the group took the unusual decision of slashing its actual production — which it calculated as 27.4 million barrels a day, including Iraq — while also raising the nominal ceiling for OPEC’s 10 members excluding Iraq. OPEC’s current target is 24.5 million barrels a day. The decision means Saudi Arabia, OPEC’s most powerful member, would reduce its pro duction by 1 million barrels a day, Al-Attiyah said. OPEC representatives called Thursday’s meeting to reassess the group’s output levels as oil began flowing again in Iraq for the first time since the war. OPEC is ready to welcome Iraq back as a participating member, Al-Attiyah said. Iraq hasn’t taken part in the group’s production agreements since April 1991, after the first Gulf War. iood about actors that they speak tlic cast, and that cuts® on," Fontana said, ngs as peers.” rived at work witli rector can have, He is. and also the inlet pie. You want some- ical and say, ‘This y something else." etaiIs, he won’tst cates the ebony li s are positioned, it /ou from fear. I did were filming, bull id I haven’t taken* NEWS IN BRIEF Iceland opens first hydrogen filling station REYKJAVIK, Iceland (AP) — Iceland opened what is believed to be the world's first filling station for hydrogen-powered vehicles on Thursday -the next step toward its dream of giving up fossil fuels completely. The first car in line was a Mercedes-Benz Sprinter van, a prototype provided under a European Union-backed program to use Iceland as a test for hydrogen power. There weren't any other customers Thursday: None of Iceland's 280,000 people are known to drive cars powered by hydrogen. The new station will be used by three DaimlerChrysler hydrogen-powered buses being introduced into the Reykjavik fleet for two years, starting in August. Each bus can go about 125 miles before it needs refueling. "In time, what is happening in Iceland will show to the rest of the world that hydrogen fuel is a real, commercial possibility that will lead to a cleaner, pollution-free environment," Industry Minister Valgerdir Sverrisdottir said at an opening ceremony. Band end Review 1 ore Award )f Cadets tion and Recruitinj mic Excellence in the Band 1 - 3rd Platoon nd - 1 st Platoon >, and Gig 'em!' 2006 Brand New Apartments Great Pool with a 16 person Hot Tub Free Cable & High Speed Internet AGGIE ©RATION Come Check Out Our Models Today!! www.aggiestation.com 4151 Wellborn, in Bryan 691-OIOO SMiti... You can walk to Northgate ■ ■I The Cambridge @ College Station wants YOU to... 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