OGJ Newsletter

Market MovementOPEC to hold current production quotasMinisters of the Organization of Petroleum Exporting Countries decided Dec. 4 to maintain current oil production quotas at a special meeting in Vienna. Before the meeting was concluded at presstime last week, officials gave mixed signals about what outcome could be expected.Chakib Khelil, minister of energy and mines for Algeria, said a production cut was necessary because of an expected drop in demand by 2 million b/d during the second quarter of 2004. If world oil production increased during that same period, world oil prices could plummet to $10-20/bbl, he forecast (OGJ Online, Dec. 2, 2003).But Libyan Prime Minister Shokri Ghanem ea...

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