OPEC quota cut preemptive self-defense of $25/bbl

10/06/2003
It is apparent that the US is not the only believer in the principle of preemptive self-defense.The Organization of Petroleum Exporting Countries—in particular Saudi Arabia—also adheres to that doctrine. That is evident in OPEC's surprising decision (surprising perhaps only to market observers that were victims of their own presumptions) to cut production quotas by 900,000 b/d at its latest ministerial meeting.There can be no doubt now that OPEC is prepared to defend its targeted price band of $22-28/bbl despite the resulting loss of market share. In fact, it is clear that the threshold for a preemptive strike against sliding oil prices is the midpoint of that band: $25/bb...
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