OGJ Newsletter

12/16/2002
Market MovementOPEC approves 'paper' quota increaseIn a move to improve their market credibility, ministers of the Organization of Petroleum Exporting Countries apparently agreed last week to raise hike their collective production quotas by 6%, or 1.3 million b/d, while practicing stricter compliance with production limits.Saudi Arabia, OPEC's most powerful member, had urged the group to curb excess production by as much as 2 million b/d while simultaneously hiking the group's total quota by 1.5 million b/d. The result, the Saudis claimed, would be increase only on paper, adding no new barrels of oil to the market.The new quota target of 23 million b/d is effective Jan. 1....
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