OGJ Newsletter

04/19/2004
Market MovementOPEC said to raise oil price bandAlthough not officially stated, the Organization of Petroleum Exporting Countries reportedly plans to administer a new oil price band of $24-30/bbl, up from its avowed $22-28/bbl band, said Michael Rothman and Steven A. Pfeifer, first vice-presidents and senior analysts at Merrill Lynch Global Securities Research & Economics Group, New York, in an Apr. 14 report."The driving force behind this paradigm shift was (and is) budget requirements of the producing country governments," they said. "Since 1999, OPEC has very effectively managed the oil balance to ensure oil prices high enough to meet the members' domestic budget requirements. In t...
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