OGJ Newsletter

06/26/2000
Market MovementOPEC accord bullish for oil pricesAs expected, OPEC has compromised between the price hawks and doves, but the outcome is more likely to be bullish rather than bearish for oil prices for the rest of the year.OPEC last week quickly agreed to increase its oil production another 3%, or 708,000 b/d, to a total 25.4 million b/d, effective July 1. That increase apparently was a midpoint compromise between a smaller hike of 500,000 b/d, preferred by Venezuela and Iran, and a bigger bump of 900,000 b/d, which Saudi Arabia and some other members reportedly favored.Even before the 90-min meeting June 21 of OPEC oil ministers in Vienna, analysts were saying the market had already fact...
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