At $35/bbl, OPEC still frets over price plunge

01/26/2004
US oil futures prices have passed the $35/bbl threshold again, and the Organization of Petroleum Exporting Countries still frets that a price collapse may loom in the second quarter.OPEC oil ministers in mid-January were insisting that a production quota cut still may be necessary, although they said would take no action until the group's Feb. 10 ministerial meeting in Algiers.Kuwaiti Oil Minister Sheikh Ahmad Fahd al-Sabah's comments to reporters Jan. 17 in effect added up to: That's our story, and we're sticking to it.OPEC's storyAl-Sabah was reported as saying that, while the price of oil has remained above OPEC's official target price band of $22-28/bbl for a b...
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