OPEC under pressure to restrain output

If oil production growth outside the Organization of Petroleum Exporting Countries continues apace, then members of the organization will be forced to curtail output this year in order to avert a supply glut—that is, if the International Energy Agency's demand projections are on target.At its Sept. 24, 2003 meeting, OPEC reviewed its January and April 2003 decisions to adjust its production ceiling to compensate for supply disruptions from the war in Iraq. And noting the gradual return of Iraqi production to the market last year, the organization set its current output level of 24.5 million b/d effective Nov. 1, 2003. This is down from the previous target of 25.4 million b/d. Fo...

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