Oil prices may be kept at $25 per barrel
OPEC on Wednesday prepared to approve a substantial cut in production that aims to keep oil prices afloat, near $25 a barrel. Leading producer Saudi Arabia said it saw full backing from the group for a reduction that lowers limits for 10 members by 1.5 million barrels a day to 25.2 million. But delegates said price hawk - Iran was pushing for a larger reduction of 1.7 million bpd. OPEC is forging ahead with a policy that major importing nations are worried could spell trouble, for the slowing economies of the West by raising energy costs again. Textile production up
Textile production maintained a positive trend in the first seven months of this fiscal, with cloth output growing by 7.4 per cent and yarn by 5.4 per cent against the corresponding period in 1999. However, production of jute goods slowed down by 0.3 per cent during the period under review, an official statament said. Cloth production rose to 2,348.9 crore square metres in Apr-Oct 2000 as against 2,186.3 sqm. While that of yarn went up to 237.9 cr kg from 225.7 cr kg, in the same period of the prevoius year.
Jute production was 8.88 crore tonne this fiscal, against 8.9 crore tonne in 1999, the statement added.
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
