OGJ Newsletter

12/01/2003
Market MovementMarkets uncertain of OPEC actionFutures prices for oil and petroleum products plummeted Nov. 24 as Geneva-based Petrologistics estimated that members of the Organization of Petroleum Exporting Countries exceeded their new oil production quotas by a total of 1 million b/d in November.OPEC members earlier agreed to reduce oil production by 900,000 b/d to a total 24.5 million b/d effective Nov. 1, a move that helped buoy world oil prices in recent weeks.Market positioned for fallMeanwhile, the previous runup in benchmark US crude prices on the New York Mercantile Exchange in recent weeks was "tied to massive buying pressure from large noncommercial traders [also known as hedge...
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