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News // Crime

Oil jumps amid Opec hopes

10 November 2001 , 07:26377
The price of oil has jumped as the world's biggest oil exporter suggested that output may be cut by more than expected.
The oil price on world markets has fallen in recent weeks as recession looms.

The oil producers cartel is expected to take action at its meeting in Vienna next week to restore the price - currently at about $20 - to its target range of between $22 and $28.

Saudi oil minister Ali al-Naimi suggested on Thursday that the Organisation of Petroleum Exporting Countries (Opec) could easily cut output by 1.5 million barrels, 50% more than previously expected.

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