OPEC to maintain current production; blames US for 'mismanagement'

March 5, 2008 17:47


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

OPEC said Wednesday it decided not to put more oil on the global market despite near record-high prices for crude, blaming the US for economic "mismanagement" it said was having a worldwide effect. The 13-nation Organization of Petroleum Exporting Countries said it opted to pump neither more nor less oil right now because crude supplies are plentiful and demand is expected to weaken in the second quarter. OPEC President Chakib Khelil told reporters the global market is being affected by what he calls "the mismanagement of the US economy," and that America's problems were a key factor in the cartel's decision to hold off on any action. "If the prices are high, definitely they are not due to a lack of crude. They are due to what's happening in the US," Khelil said. "There is sufficient supply. There's plenty of oil there." OPEC did pledge to maintain "constant vigilance" over the market.

Related Content

US Ambassador to the United Nations Nikki Haley delivers remarks to the press
July 19, 2018
Nikki Haley: UNHRC’s Agenda 7 is ‘directed against Israel’s existence’