BUSINESS
June 12, 1990 | from Reuters
OPEC Secretary General Subroto said today that oil prices have hit bottom and he ruled out emergency OPEC talks to prevent any further declines. Subroto said the OPEC reference basket of seven crudes averaged $14.24 a barrel in the first week of June. The target price of the Organization of Petroleum Exporting Countries for this basket is $18. "We feel $14.24 is more or less the bottom already," he told an oil conference in Singapore by telephone from OPEC headquarters in Vienna.
BUSINESS
April 30, 1994 | From Times Staff and Wire Reports
OPEC's Subroto Sees Coal Use Overtaking Oil: Crude oil's share of the global energy mix is declining steadily, and coal will probably overtake it as the world's top energy source by 2020, the secretary general of the cartel told an energy conference in Dallas. "This is a bitter pill for us in OPEC to swallow, as a grouping of 12 Third World oil-producing nations, most of which have single-product economies . . . ," he said Thursday.
BUSINESS
August 16, 1988 | From Reuters
OPEC Secretary General Subroto said Monday that he will ask Iran to allow its war foe Iraq to have an oil output quota equal to its own in a bid to restore order to the cartel. Subroto said he will fly to Iran in the final week of August, after a scheduled cease-fire in the eight-year war is due to take effect, to ask for Iran's support in allowing a higher quota. Iran has refused to let Iraq have a quota equal to its own of 2.37 million barrels daily.
BUSINESS
September 27, 1988 | Associated Press
OPEC's price monitoring committee ended a two-day emergency session Monday by calling for prompt action to reverse the sharp decline in world oil prices but stopped short of calling for a special meeting of the full 13-member cartel. In a communique released at the conclusion of the meeting, the oil ministers also said it was essential that a joint meeting of the price committee and its long-term strategy committee be held to review existing OPEC strategies and objectives.
BUSINESS
February 21, 1989 | From Associated Press
OPEC members are complying with a production accord designed to lift crude oil prices, a top official said Monday. "OPEC has more or less found its form right now," said Subroto, secretary-general of the Organization of Petroleum Exporting Countries. Subroto said crude oil prices would definitely reach the cartel's target of $18 a barrel in the second half of this year.