OPEC confirms output agreement rollover

The Organization of Petroleum Exporting Countries officially closed its ministerial meeting in Vienna on Sept. 24 and, as expected, confirmed it would adhere to current production targets.The OPEC members-with the exception of Iraq, which has its production governed by the oil-for-aid agreement with the United Nations-maintained their combined production target at 22.976 million b/d (OGJ, Sept. 27, 1999, Newsletter).This level was agreed in March following an agreement with non-OPEC producers Mexico, Russia, Norway, and Oman to cut output in a bid to boost oil prices, which had only just recovered from rock bottom (OGJ, Mar. 29, 1999, p. 18).Crude oil markets reacted positively to OPEC...

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