OGJ Newsletter

04/28/2003
Market MovementOPEC production cut expectedPrior to the Apr. 24 meeting of Organization of Petroleum Exporting Countries in Vienna, analysts predicted OPEC ministers would agree to cut overproduction by at least 1.5 million b/d, with Saudi Arabia and Kuwait absorbing the bulk of any rollback.It would be "a reaffirmation of the current 24.5 million b/d quota over the coming months, as well as a renewed commitment to OPEC's price band of $22-28/bbl," said Matthew Warburton, UBS Warburg LLC, New York. "While global inventories could accommodate a less-substantial reduction in OPEC volumes, given their current low levels, especially in the US, we believe OPEC will undertake a measured red...
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