{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Crude futures climb amid OPEC move toward cuts' data-url='/boclips/videos/5c54bef6d8eafeecae13f979' data-video-url='/boclips/videos/5c54bef6d8eafeecae13f979' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nCrude futures climb amid OPEC move toward cuts\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide shot of OPEC press conference2. SOUNDBITE (English) Dr Omar F. Ibrahim, Head of Public Relations, OPEC Secretariat:\"The conference observed that crude oil prices have recede from their record highs as a consequence of the actions...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide shot of OPEC press conference\u003cbr/\u003e2. SOUNDBITE (English) Dr Omar F. Ibrahim, Head of Public Relations, OPEC Secretariat:\u003cbr/\u003e\"The conference observed that crude oil prices have recede from their record highs as a consequence of the actions taken by the organisation to ensure that the market remains well-supplied - the adequacy of supply evidenced by the continued replenishment and build-up of commercial stocks.\"\u003cbr/\u003e3. Wide shot of press conference\u003cbr/\u003e4. SOUNDBITE (English) Dr Omar F. Ibrahim, Head of Public Relations, OPEC Secretariat:\u003cbr/\u003e\"The conference decided to maintain the currently agreed ceiling and individual production levels. Without prejudice to the above, and while reiterating the organisation's commitment to ensuring adequate supplies of petroleum to consumer nations and in order to prevent crude oil prices from continuing to deteriorate to undesirably low levels - member countries, which have responded to the market need for additional supply over the course of this year by producing above the allocation, have agreed to collectively reduce the over production by one million barrels a day from their current actual output, with effect from January 1st, 2005.\"\u003cbr/\u003e5. Wide shot of press conference\u003cbr/\u003e6. SOUNDBITE (English) Dr Purnomo, Purnomo Yusgiantoro, OPEC president:\u003cbr/\u003e\"The price band study has been conducted by the long-term study team. That has not been finished yet. So we decided today, among the ministers, to defer the presentations by the 30th of January in Vienna, when we have a meeting of the extraordinary meeting in Vienna.\"\u003cbr/\u003e7. Wide shot of press conference\u003cbr/\u003e8. SOUNDBITE (English) Dr Purnomo, Purnomo Yusgiantoro, OPEC president:\u003cbr/\u003e\"The price band that we decided in the year 2000, that was twenty-two, twenty-eight dollars per barrel. You know if we look at today, the inflation factors also take affect to the price band. Second, is the depreciation of the US dollar. But other factors are also affecting that makes that, OPEC studying carefully now with the new price band. But that's not the point. The point is that we have not finished yet, so we want to know the detailed factors contributing to the price band.\"\u003cbr/\u003e9. Mid shot of press conference\u003cbr/\u003e10. SOUNDBITE (English) Dr Adnan Shihab-Elden, Director of OPEC Research Division:\u003cbr/\u003e\"The announcement today is not a cut from the ceiling, simply a reduction of the overproduction. So that is the first thing. The overproduction was in response to market need over the year. So, simply, we are basically looking at the balances and we are responding up when there is a demand and now that we definitely see a surplus represented by an increase in OECD (Organisation for Economic Cooperation and Development) stock levels, this is verified and we continue to see that coming up and that's the reason we want to maintain balance by taking out the overproduction of one million barrels.\"\u003cbr/\u003e11. End of press conference\u003cbr/\u003eCrude oil futures fell on Friday, even as OPEC's de facto leader, Saudi Arabia, signalled the group would remove one million (m) barrels a day of excess oil production from the world market.\u003cbr/\u003eThe Organisation of Petroleum Exporting Countries, which provides a more than a third of the world's oil, convened on Friday in Cairo to decide on its winter output policy.\u003cbr/\u003eAfter the meeting OPEC confirmed that it planned to cut overproduction starting January 1 to halt the recent slide in oil prices.\u003cbr/\u003eThe cutback will bring the production level for 10 of OPEC's 11 members closer to its targeted output ceiling of 27 million (m) barrels a day. \u003cbr/\u003eIraq, which pumps around two million (m) barrels a day, doesn't adhere to a quota.\u003cbr/\u003eWith the organisation pumping well above its official production ceiling - and prices well below the highs of a few months ago - sentiment for scaling back on production is shared even by some countries that normally take a more restrained stance.\u003cbr/\u003eQatar, Kuwait and Libya appear to have abandoned traditional ally Saudi Arabia, joining Iran and Venezuela in urging compliance with OPEC's official quota of 27 million (m) barrels a day.\u003cbr/\u003eThere are also some suggestions for raising OPEC's price band for crude.\u003cbr/\u003ePurnomo Yusgiantoro, Indonesia's oil minister and OPEC's secretary-general, said this week that such a move would be justified because of \"the inflation that occurred since 2001 and the depreciation of the dollar\" against other major currencies.\u003cbr/\u003eThe group's price band is now between 22 US dollars and 28 US dollars a barrel.\u003cbr/\u003eOfficials from both Iran and Venezuela - OPEC's No. 2 and No. 3 producers - have said recently they would like to see the low end at about 30 US dollars a barrel.\u003cbr/\u003eThe United Arab Emirates' new energy minister, Mohammed bin Dhaen al-Hamili, expressed support for raising the price band to between 30 and 38 US dollars a barrel to take into account inflation and the weaker dollar.\u003cbr/\u003eBut he added that OPEC was not thinking of replacing the dollar with another currency as the denominator for oil sales.\u003cbr/\u003ePetroleum prices have been high due to strong global demand, a tight supply cushion and fears of output disruptions in Iraq, Nigeria and Russia.\u003cbr/\u003eIn September, a strong hurricane knocked out significant oil production in the Gulf of Mexico, though the region's output is recovering.\u003cbr/\u003eMarket prices remain nearly double the bottom end of the present scale.\u003cbr/\u003eStill, crude prices are around their lowest level in three months, reflecting rebuilt stocks, slowing economies, high production by both OPEC and non-OPEC countries, a relatively mild Northern Hemisphere winter and the end of speculative futures buying.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv 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