OPEC

Britain Rules Out Oil Production Cutback 

The British Government has ruled out any possibility of an oil production cutback by the UK to help OPEC stabilize prices on the world oil market. Britain's Minister of State for Energy, Mr. Alick Buchanan-Smith told parliament on 16 July that reduced oil output would bring very clear losses and no certain benefits. He said that Britain should be regarded as a medium-sized oil producer which exports only 1mn b/d. Any reduction in...