OGJ Newsletter

04/05/2004
Market MovementOPEC to sustain oil production cutEnergy futures prices climbed ahead of the Mar. 31 meeting of the Organization of Petroleum Exporting Countries in Vienna as traders lost hope that the group might postpone a 1 million b/d oil production cut planned for Apr. 1.As widely expected, OPEC ministers quickly voted to sustain the previous agreement at their February meeting in Algiers to reduce their official oil production quota to 23.5 million b/d. Prior to the Mar. 31 session, officials from Kuwait and the UAE had said they favored postponing the proposed production cut in line with calls by US officials for more OPEC crude to reduce energy prices. But most of the affected memb...
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