Oct 20, 2001, 12:01 AM
News Code: 9032487
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prices oil in slide continued cause recession Overproduction, week last fall to continued prices crude Cash -- IRNA 20, Oct Vienna, between imbalance the to due markets, international in Thursday ending .recession economic the and demand and supply 54 by lower was gulf persian the in price crude Dubai Average by down was Brent Sea North while barrel a 86.19 dlrs was and cents Basket OPEC average The .barrel a 02.20 dlrs at leveled and 07.1 dlrs .31.19 dlrs was and cents 64 lost price lost has Basket OPEC ,.S.U the in 11 September of events the Since traders' that believe Analysts .value its of third one or 5.8 dlrs economic deep a from fears the on focused almost is attention data (API) Institute Petroleum American latest the even and recession stocks oil country's the in decrease barrels million seven showing .prices the support to enough strong not was and Riyadh in ministers oil Saudi and Iranian the between Talks OPEC of possibility the on Venezuela of President of statement the not did Vienna in conference ministerial 14 November before cut output .prices of weakening stop market short-term the on focus traders that warn Analysts months six the example, for that say They .mistake a was conditions end will .N.U and Iraq between agreement export oil the of validity .month next on halt a of risk high a was there that show experiences Past the of extention for negotiations the during exports, oil Iraqi .agreement winter in demand oil of increase periodical the is factor Another in demand the than higher day per barrels million 1 normally is that economic appropriate through that expected also is It .spring or fall for hope realistic a is there ,.S.U the and Europe in policies believe analysts Therefore .increase demand oil and recovery economic in increase an of possibility the months, three next the during that .decrease a than higher rather was prices crude problems financial face probably most will countries OPEC Several oil of estimates conservative former their despite year, next they prices, oil lower facing only not are country's OPEC .revenues market the stabilize to efforts their of because suffering also are last since production crude of barrels million 5.3 reducing by .February increased have producers oil non-OPEC major side, other the On been have them of Some .revenues high unexpectedly gaining production, Monetary International the to obligations financial their pay to able .time scheduled the before Fund session its in Committee Monitoring Ministerial OPEC's Therefore the between meeting a hold to decided Vienna in Friday last the analyze to countries non-OPEC and grope contact organizations difficult current the with deal to proposals common present and market .situation on Vienna in held be to due is meeting the that said Sources .29 October KZ/AH End