OGJ Newsletter

03/17/2003
Market MovementOPEC inaction, low stocks rock marketThe Organization of Petroleum Exporting Countries' Mar. 11 decision to stand pat on its current oil production quota of 24.5 million b/d failed to prevent a same-day drop in oil futures prices, as OPEC Pres. Abdullah bin Hamad Al Attiyah reported that earlier suggestions the group might suspend quotas altogether were not even discussed during the 1-day meeting. Traders apparently were unmoved by what otherwise could be perceived as a bullish sign for oil prices: OPEC's refusal to formally endorse all-out production in the event of an Iraqi oil supply outage.However, those losses were wiped out in a Mar. 12 buying spree after both...
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