Forecast and Review: Oil suppliers seek balanced worldwide market in 2002

Production restraint will be the key to the international oil market this year. Until economies of major oil-consuming countries rebound, crude oil prices will be unusually sensitive to quota compliance by members of the Organization of Petroleum Exporting Countries and to amounts by which nonmembers reduce output. OPEC lost market share last year as large producers outside the organization - Russia, Norway, and Mexico - kept output high as the exporters' group lowered quotas in an effort to stabilize prices while demand was falling.OPEC implemented three quota reductions in 2001, totaling 3.5 million b/d. On Dec. 28, the organization agreed on a further 1.5 million b/d cut effective ...

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