OPEC move may send gas prices spiraling

by on March 31st, 2004


VIENNA, Austria (AP) — OPEC will cut its production target by 4 percent as scheduled, the president of the group said Wednesday – a move that analysts say could drive crude oil prices higher even as U.S. customers are already facing high gasoline prices.

The Organization of Petroleum Exporting Countries, which pumps about a third of the world’s oil, will reduce its output ceiling by 1 million barrels per day effective Thursday.

Mike Thomas