OGJ Newsletter

Market MovementOPEC extends production quota through SeptemberAs anticipated, the Organization of Petroleum Exporting Countries decided last week to keep its current oil production quota through September. OPEC members called for cooperation from other producers in curbing crude supplies "to minimize price volatility and maintain market stability."But non-OPEC producers Russia and Norway, which went along with OPEC in curbing production for the first 6 months of 2002, now plan to increase oil production.OPEC ministers will meet again Sept. 18 to reassess the market.Demand driven"The mood within OPEC is demand-reactionary rather than demand-anticipatory, and we expect that OPEC will only i...

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