OPEC ministers expected to maintain oil production levels

Organization of Petroleum Exporting Countries oil ministers gathered in Vienna on Sept. 22 to discuss output quotas and were expected to maintain current levels despite recent strong oil prices.At presstime, the ministers were widely expected to vote in favor of maintaining their output, less Iraq's production, at a combined 22,976 million b/d, as agreed in March in a bid to boost flagging oil prices (OGJ, Mar. 29, 1999, p. 18).Although the production cutbacks have done their job-Brent crude for November delivery closed at $22.68/bbl in London trading on Sept. 21, compared with $13.88/bbl for the same benchmark before the March OPEC meeting-OPEC ministers are fearful of raising output...

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