Crude oil price rises as OPEC pledges cuts

03/22/1999
David Knott Senior Editor A new pledge by the Organization of Petroleum Exporting Countries (OPEC) and a number of non-OPEC producers to reduce global oil production by more than 2 million b/d has buoyed crude oil prices. At close of London trading on Mar. 16, Brent crude for May delivery stood at $12.77/bbl, while dated Brent had reached $12.49/ bbl, a relatively steady rise of roughly 85¢/bbl for both benchmark contracts over the week. The rise was a direct result of discussions between OPEC and non-OPEC producers, which were intended to achieve a consensus for further cutbacks ahead of the OPEC ministerial meeting in Vienna on Mar. 23. Key to the growing op...
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