OGJ Newsletter

Market MovementOPEC stands pat on production quotasTo no one's surprise, ministers of the Organization of Petroleum Exporting Countries voted July 31 to maintain their oil production quotas at the current total of 25.4 million b/d.OPEC officials noted that world oil markets are "stable and well-supplied" and that prices are "within agreed levels." The average price for OPEC's basket of seven benchmark crudes was $27.31/bbl as of July 30.Analysts earlier reported world markets had already factored into current prices the general expectation that OPEC members wouldn't change production quotas, despite recent reports that Iraq has increased its oil production to 1 million b/d. I...

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