OPEC to boost production, correct market

Nine members of the Organization of Petroleum Exporting Countries voted at their meeting last week in Vienna to increase the group's production by 1.45 million b/d effective Apr. 1. The action returns the nine nations to the total 21.069 million b/d they were allowed to produce before they reduced output a year ago (OGJ, Mar. 29, 1999, p. 18).Iran, the 10th OPEC member involved in the proposal, fought the export increase and did not vote for it. But it plans to increase exports anyway, to maintain market share. That would increase total OPEC output, excluding Iraq, by about 1.7 million b/d to 24.7 million b/d.World oil prices have more than doubled from a year ago, reaching a 9-year h...

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