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Around the World
OPEC decides to cut oil production
CARACAS, Venezuela - OPEC Secretary General Ali Rodriguez confirmed yesterday that the group will cut production to halt a recent slide in oil prices and that independent producers will likely cooperate with the move.
"There is consensus for a cut. The amount has not been defined," Rodriguez said.
Saudi Arabian and Algerian oil officials have said the Organization of Petroleum Exporting Countries could decide to reduce output by as much 1.5 million barrels a day in its Jan. 17 minister's meeting in Vienna.
A mild European winter and replenished crude inventories prompted a more than 25 percent drop in international oil prices over the last month. But prices have climbed in recent days on confidence that OPEC will decide to slide back production during its Vienna meeting.
Crude oil for February delivery settled at $28.14 per barrel on the New York Mercantile Exchange yesterday, up 14 cents.
OPEC boosted production four times last year in a bid to ease oil prices, which reached 10-year-highs of more than $30 a barrel in September. Now, the cartel is worried that replenished inventories will coincide with a traditional drop in demand in the second quarter.
9 die in clashes on Indonesian island
JAKARTA, Indonesia - Rival villagers fought with guns and machetes in clashes that killed nine people on a resort island packed with tourists, police said yesterday.
The fighting on Lombok, 25 miles east of Indonesia's main tourist destination of Bali, broke out Wednesday when residents of Perampuan village attacked the hamlet of Bongor, killing one resident, police Capt. Tri Budi Pangastuti said.
Fighting with homemade guns, machetes and other weapons followed, leaving at least eight more people dead. Three people were injured.
Police sent in three platoons to guard the villages, restoring order on the Indian Ocean island whose coastline hotels are still packed with holiday makers. Police said no resorts were affected.
Originally on page 2A in the 1-5-2001 issue of the Daily.
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