OPEC cut yields no immediate effect

11/03/2008
By NINA RACH
The decision by ministers of the Organization of Petroleum Exporting Countries to cut production by 1.5 million b/d effective Nov. 1 from the official quota of 28.8 million b/d had no immediate effect on plummeting crude prices.After OPEC’s short meeting Oct. 24, front-month crude contracts fell to $62.65/bbl in intraday trading in New York and $61/bbl in London–the lowest levels in either market since May 2007. The December contract for benchmark US light, sweet crudes closed at $64.15/bbl, down $3.69 for the day on the New York Mercantile Exchange. In London, the IPE contract for North Sea Brent was down $3.87 to $62.05/bbl.Although traders were expecting OPEC to reduce outp...

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