OPEC hikes production quota to quell market worries

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...

Why Register?

Non-subscribers can only view whitepapers by providing name, home and email address, phone number and other information and comment on/rate articles.

Why Subscribe?

Oil & Gas Journal subscribers with login credentials can access these premium features of OGJ Online:

  • Current Issue – an html version of the current week's issue of Oil & Gas Journal.
  • Past Issues – An Electronic OGJ Archive. A keyword-searchable archive of all issues of Oil & Gas Journal dating back to 1990; also searchable by issue date.
  • Market Journal – a weekly round-up of the oil and gas markets, with observations from leading analysts.
  • Editor's Perspective – a short article of insight and opinion by the Editor of Oil & Gas Journal.
  • OGJ Industry Stats – quick access to current industry statistics from Oil & Gas Journal.
  • OGJ Survey Downloads - quick access to exclusive reports from Oil & Gas Journal.


Subscriber Help or Subscribe

Oil & Gas Journal Subscribers: Have your subscription number (from the mailing label on the cover of your Oil & Gas Journal) and e-mail address ready to set up your online account through Customer Service Assistant.

If you're not an Oil & Gas Journal subscriber, start a subscription and gain access to the subscriber areas of OGJ Online now.

Stay Connected