October 31, 2001	Wednesday	Shaba’an 13, 1422

WASHINGTON, Oct 30: The US Energy Secretary Spencer Abraham on Tuesday again cautioned against changes in Opec oil production that would hurt the world economy.

“Taking actions that aren’t consistent with world economic growth at this point in my judgement are ... ultimately harmful to not just countries that consume a lot of petroleum products but countries that produce them,” Abraham told reporters at a briefing sponsored by the US Energy Association.

Several members of Opec have called for a 1 million barrel per day (bpd) cut in production to halt the slide in oil prices. Such a move would follow oil output cuts totalling 3.5 million bpd earlier this year.

Oil prices have skidded by about 25 per cent since the deadly September 11 attacks, which have led to a drop in petroleum demand due to a decrease in air travel and a slowing world economy.

“Obviously, we want stability. We don’t want wild fluctuations in (the oil) price,” Abraham said. “At the same time we also don’t want a recession that’s artificially extended because of decisions that are made with only a short-term focus.”

Abraham said the US position also applies to non-Opec producers, such as Russia, Norway and Mexico, and which the cartel has been trying to persuade to throttle back on their oil output.

“That would be a message I’d send whether the country happens to be a member of Opec or a major (non-Opec) producer,” he said.

Oil prices ease:: Oil prices eased on Tuesday as the market shrugged at a grand meeting of oil producers in Vienna that produced no concrete deal to rescue prices.

A barrel of Brent North Sea crude for December delivery eased to $20.89, from $21.02 at the close on Monday. The New York light sweet crude December contract added 12 cents to $22.15 a barrel on Monday. —Reuters/AFP