OGJ Newsletter

Due to a holiday in the U.S., data for this week's Industry Scoreboard are not available.The latest evidence that OPEC not only will hew to its pledged production cuts but even roll them over past their scheduled expiration in March has rocketed oil prices to almost $30/bbl-a level not seen since the Persian Gulf war.A recommendation by OPEC's ministerial monitoring subcommittee to extend the group's oil production cuts beyond March would likely win unanimous approval of OPEC and non-OPEC producers, says Kuwaiti oil minister Sheikh Saud Nasser Al-Sabah. The proposal has already been backed by Venezuela, he said, citing the approval's significance as a "very important eleme...

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