OPEC hikes production quota to quell market worries

01/20/2003
Members of the Organization of Petroleum Exporting Countries decided Jan. 12 to increase their total oil production quota by 6.5% to 24.5 million b/d in an effort to reassure markets unsettled by a shortfall in oil exports from Vene- zuela and a possible war in Iraq."Having reviewed the oil market situation, especially the demand-supply picture for the first quarter of 2003, and in light of the impact of the supply shortfall on price volatility, the conference decided to raise the OPEC-10 ceiling from 23 million b/d to 24.5 million b/d," effective Feb. 1, OPEC officials said in a statement at the end of their Vienna meeting.The increase is at the upper end of what analysts had expected, w...
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