Russia announced Monday
it would continue to refuse OPEC's demands for making oil supply cuts. The
announcement comes as oil prices continue to spiral downward.
London Brent blend fell
$1.10 to $16.65 a barrel following last week's OPEC decision not to implement
fresh output reductions until Russia made a firm commitment to cut its own
production. U.S. light crude fell $1.23 to $16.80.
The Organization of Petroleum
Exporting Countries at a meeting last week decided against implementing output
curbs of 1.5 million barrels per day (bpd) in January, unless Russia and other
non-OPEC suppliers agreed to trim output by a total of 500,000 bpd.
Mexico announced that
it would cut oil exports by up to 100,000 bpd and Norway said it might be
willing to trim output. But Russia, the world's second biggest exporter, has
only offered to cut 30,000 bpd, leaving the cartel well shy of its 500,000
bpd goal for the three nations.
The weekly retail on-highway
diesel prices released by the Energy Department Monday show the national average
cost of diesel continues to drop. Diesel has plummeted about 28 cents over
the past nine weeks to $1.252 - the lowest fuel has been since early November
The biggest price plunge
was in the Rocky Mountain region. Diesel there dropped 2.7 cents per gallon
from last week to $1.286. The lowest prices in the nation are found in the
Lower Atlantic region. Fuel there dipped 1.5 cents to $1.189 per gallon. The
highest prices continue to be found in the state of California. Diesel there
pumps for $1.377 per gallon, down about 1.5 from a week ago. The remaining
regions' price per gallon is as follows: East Coast, $1.24; New England, $1.356;
Central Atlantic, $1.334; Midwest, $1.26; Gulf Coast, $1.192; and West Coast,