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OPEC Hopes Oil Production Cut Doesn't Hurt U.S. Economy.

Publication: Knight Ridder/Tribune Business News
Date: Wednesday, February 11 2004

By David Ivanovich, Houston Chronicle Knight Ridder/Tribune Business News

Feb. 11--WASHINGTON -- The OPEC countries are gambling on the U.S. economy.

By slashing their oil production by 10 percent, the cartel members are betting continued high energy prices won't sour the still-uncertain economic rebound of their largest customer.

Oil ministers from the Organization of the Petroleum Exporting Countries, meeting in Algeria on Tuesday, themselves raised concerns about the sustainability of the U.S. recovery. But domestic OPEC priorities won ou

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