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OPEC takes no action

03/26/2007
By NINA RACH
As expected, ministers of the Organization of Petroleum Exporting Countries made no move either to reduce or to increase production at their Mar. 15 meeting in Vienna, vowing instead to monitor the world oil market until they next meet in June.Last October, the 10 OPEC members other than Iraq voted to reduce their total production by 1.2 million b/d to 26.3 million b/d effective Nov. 1 to stop a run-up in crude prices. At their Dec. 14 special meeting in Abuja, Nigeria, the same 10 members agreed to shave an additional 500,000 b/d to 25.8 million b/d effective Feb. 1 “to balance supply and demand.” Analysts estimate OPEC actually has cut production by nearly 1 million b/d, whi...
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