Reaction slow to OPEC cut

11/06/2006
Energy markets were slow to show confidence that members of the Organization of Petroleum Exporting Countries would follow through on an agreement to reduce production by Nov. 1.The November contract for benchmark US crudes gained 85¢ to $58.50/bbl Oct. 19 in New York as Saudi Arabia endorsed a counterseasonal proposal to reduce production by 1 million b/d at the group’s meeting in Qatar. But it expired at a 16-month low of $56.82/bbl Oct. 20 after OPEC voted to cut actual production by 1.2 million b/d to 26.3 million b/d, well below the 28 million b/d ceiling set 2 years ago.Cold weather and a bigger-than-expected reduction of US petroleum inventories helped boost the new fron...
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