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27/09/2001
Opec opts to hold steady on oil prices
The Organisation of Petroleum Exporting Countries (Opec) has chosen to hold prices steady in order to avoid criticism of profiting from current tensions between the West and the Middle East.
The decision comes after a meeting on Wednesday 26 September, where representatives from Opec stated reaffirmed a commitment to maintaining steady production levels.
The price of crude oil has plummeted in the past week following growing confidence that supplies from the Middle East are unlikely to be affected by the current political situation.
Oil prices rose dramatically in the immediate wake of the US terror attacks, but confidence in the market soon returned – and in conjunction with lessened demand from the airline industry, oil prices soon tumbled to around $20 a barrel.
Some analysts have predicted that oil prices could drop even further than the present range, with estimates being voiced that prices could level out at $18 for Brent oil and $20 for US crude in the event of a depressed economy. (CL)
The decision comes after a meeting on Wednesday 26 September, where representatives from Opec stated reaffirmed a commitment to maintaining steady production levels.
The price of crude oil has plummeted in the past week following growing confidence that supplies from the Middle East are unlikely to be affected by the current political situation.
Oil prices rose dramatically in the immediate wake of the US terror attacks, but confidence in the market soon returned – and in conjunction with lessened demand from the airline industry, oil prices soon tumbled to around $20 a barrel.
Some analysts have predicted that oil prices could drop even further than the present range, with estimates being voiced that prices could level out at $18 for Brent oil and $20 for US crude in the event of a depressed economy. (CL)
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15 November 2001
No decision from non-members but OPEC agree cut
Oil production cartel, the Organisation of Oil Producing Countries (OPEC), have conditionally agreed a production cut of 1.5m barrels a day following a 30 per cent drop in oil prices since September 11.
No decision from non-members but OPEC agree cut
Oil production cartel, the Organisation of Oil Producing Countries (OPEC), have conditionally agreed a production cut of 1.5m barrels a day following a 30 per cent drop in oil prices since September 11.
10 December 2001
Further falls in price of UK manufactured goods
The Office of National Statistics have produced a report which shows that the price of goods manufactured in the UK have fallen in the last month. Between October and November the UK producer prices fell by 0.4 per cent, compared with a fall of 0.2 per cent between September and October.
Further falls in price of UK manufactured goods
The Office of National Statistics have produced a report which shows that the price of goods manufactured in the UK have fallen in the last month. Between October and November the UK producer prices fell by 0.4 per cent, compared with a fall of 0.2 per cent between September and October.
10 June 2002
UK manufacturing goods price rise
The Office for National Statistics (ONS) have said that goods manufactured in the UK fetched slightly higher prices in May. The ONS said the price of goods leaving factory gates rose by 0.3% in May thanks to increases in tobacco, petroleum and other manufactured goods prices, however the annual rate fell to just 0.1%.
UK manufacturing goods price rise
The Office for National Statistics (ONS) have said that goods manufactured in the UK fetched slightly higher prices in May. The ONS said the price of goods leaving factory gates rose by 0.3% in May thanks to increases in tobacco, petroleum and other manufactured goods prices, however the annual rate fell to just 0.1%.
13 August 2001
UK producer prices show marginal fall
Overall UK manufacturing prices fell by 0.2 per cent in July from those from June. According to the latest figures available form the Office for National Statistics the past year has seen the prices charged to manufacturers, the input prices, fall for the first time in over two years.
UK producer prices show marginal fall
Overall UK manufacturing prices fell by 0.2 per cent in July from those from June. According to the latest figures available form the Office for National Statistics the past year has seen the prices charged to manufacturers, the input prices, fall for the first time in over two years.
25 September 2001
Oil prices plummet as confidence returns
The price of crude oil has plummeted following growing confidence that supplies from the Middle East are unlikely to be affected by the current political situation. Analysts’ speculation that the recent US terror attacks could see a surge in the price of oil proved unfounded, as Monday’s price collapse saw Brent crude futures falling to $21.
Oil prices plummet as confidence returns
The price of crude oil has plummeted following growing confidence that supplies from the Middle East are unlikely to be affected by the current political situation. Analysts’ speculation that the recent US terror attacks could see a surge in the price of oil proved unfounded, as Monday’s price collapse saw Brent crude futures falling to $21.
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