OPEC deems 1 million b/d production cut 'prudent'

Click here to enlarge imageThe Organization of Petroleum Exporting Countries considers its agreement to cut crude production by another 1 million b/d effective Apr. 1 to be a "prudent" measure to stem declining oil prices in the second quarter.But the group must deal with concerns that the cut may not be enough to stem a later slide in prices while, conversely, it must cope with fears that sustained higher prices will harm world's economies and thus crimp future demand growth.This ambivalence was reflected in markets last week, as oil prices on London and New York futures exchanges scarcely rippled in immediate response to the latest round of OPEC cuts and actually drifted down a bi...

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