Prices rise with OPEC quota hike

06/27/2005
Crude futures prices rocketed to record highs just days after members of the Organization of Petroleum Exporting Countries voted June 15 to raise the cumulative production quota for 10 members, minus Iraq, by 500,000 b/d to 28 million b/d, effective July 1. In its June 10 report, the Paris-based International Energy Agency pegged production among the 10 quota-limited OPEC members at 27.51 million b/d in May. With Iraqi production included, total OPEC output in May was 29.26 million b/d.Although US Energy Sec. Samuel Bodman praised OPEC as “responsible and responsive” in boosting its quota, most market analysts dismissed the move as symbolic, not adding any substantial new crud...
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