OGJ Newsletter

Market MovementSigns of tightening market drive up oil futures pricesEnergy futures prices rebounded early last week with reports of significant declines in US oil inventories and a call for a meeting of ministers from the Organization of Petroleum Exporting Countries to address the previous drop in crude prices.OPEC Pres. Abdulla bin Hamad al-Attiyah called for an extraordinary meeting of ministers, tentatively slated for Apr. 24 (see related story, p. 32).Ali I. Naimi, Saudi Arabia's energy minister, subsequently said that OPEC members were discussing a meeting within a few weeks. However, he said OPEC definitely would defend prices within the group's target range. Naimi denied ...

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