OPEC compliance slip triggers price slide

10/25/1999
After months of rising oil prices, a sudden fall in early October took the industry by surprise, but behind the slide was a rise in production both inside and outside of the Organization of Petroleum Exporting Countries.Brent crude futures prices hovered around $24/bbl for a while, as markets saw OPEC's production cutbacks agreement of March 1999 eat into global stocks. However, said London's Centre for Global Energy Studies, Iranian stockpiling of crude and a surge in non-OPEC output have unsettled the market, despite the fact that fundamentals continue to tighten and crude supply is short of demand (OGJ, Oct. 18, 1999, Newsletter).As stories of increasing output spread, Brent crud...
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