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Gov't to Intervene in Oil Price Next Week

Written: 2003-02-05 00:00:00Updated: 0000-00-00 00:00:00

The government has decided to enforce the second stage of mandatory energy conservation measures starting next week. An official said the measures will be implemented even if the average price of the Dubai crude dips below 29 U.S. dollars per barrel. The government had originally planned to put off implementing the measures if the average price stays under the 29-dollar mark 10 days. On Monday, Dubai crude oil was traded at 28 dollars 94 cents per barrel down from 29 dollars 19 cents on Sunday.

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