on New Year's Day it would join OPEC's effort to bolster lackluster
world oil prices by cutting its own exports by 100,000 barrels
per day (bpd) in the first six months of 2002. The cut would take
effect immediately in concert with OPEC'stightening of supplies
by 1.5 million bpd.
energy ministry said in a released statement it was confident
that cuts in output by OPEC and non-OPEC producers "will
achieve a healthy balance between supply and demand," which
will halt falling prices.
Mexico's cut, pledges from Norway, Russia, Oman and Angola brought
the tally of independent exporters' contribution to about 462,000
bpd. OPEC had pressured the non-cartel members to chip in with
500,000 bpd in reductions in addition to the cartel's own 1.5
million bpd cut.
As oil producing
nations continue to negotiate cuts in production to combat falling
prices, the weekly retail on-highway diesel prices released by
the Energy Department Monday show the national average cost of
diesel rose 1.5 cents per gallon from last week to $1.169.
price increase from a week ago was in California. Diesel there
climbed 3 cents per gallon to $1.305 - the most expensive nationally.
The lowest average prices are found in the Rocky Mountain region.
Fuel there flows for $1.12 per gallon, about 2 cents less than
the previous week. The New England region was the only area to
see a drop in average prices. Diesel there dipped about 1 cent
from last week to $1.29 per gallon. The remaining regions' price
per gallon is as follows: East Coast, $1.192; Central Atlantic,
$1.274; Lower Atlantic, $1.149; Midwest, $1.148; Gulf Coast, $1.135;
and West Coast, $1.259, respectively.