OPEC sets automatic oil output adjustments

04/10/2000
In addition to agreeing to an immediate increase in oil production at their recent summit in Vienna, members of the Organization of Petroleum Exporting Countries also agreed to an oil price stabilization mechanism. Meanwhile, some non-OPEC members have announced production increases of their own.Ali Rodriguez, Venezuela's energy minister, said nine OPEC nations, in addition to agreeing to increase production by 1.45 million b/d, also agreed to automatic production adjustments (OGJ, Apr. 3, 2000, p. 26). He said OPEC will raise output when the export price of OPEC's basket of crudes exceeds $28/bbl and lower it when it falls below $22.If oil prices shift outside the fixed price-ban...
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