OGJ Newsletter

05/05/2003
Market MovementOPEC decision undercuts oil market pricesThe Apr. 24 decision by ministers of the Organization of the Petroleum Exporting Countries to raise their official quota by 900,000 b/d to 25.4 million b/d, effective June 1, effectively promising to reduce recent overproduction by 2 million b/d, triggered a general retreat in oil prices until a weaker-than-expected build in US crude inventories and expressions of concern by OPEC officials sparked an Apr. 30 price increase.The quota increase will be divided among the 10 active OPEC members minus Iraq on a pro rata basis, giving each member a 3.7% increase, officials said. OPEC ministers indicated they would take another look at oil m...
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