OPEC tables action until July 3 over Iraqi export halt

The Organization of Petroleum Exporting Countries delayed making any production changes during its June 5 meeting in Vienna, saying it will reassess crude inventories and market prices during a July 3 emergency meeting.The wait-and-see approach comes after Iraq halted its oil exports to protest the United Nation's decision to extend its oil-for-aid program for only 1 month.Iraq uncertainty"We're all going to wait and see what Iraq does," Michael C. Lynch, chief energy economist at DRI-WEFA Inc., told OGJ Online last week. "OPEC is torn between inventories rising and concerns that supply could get tight." OPEC's output quota as of Apr. 1 was 24.2 million b/d. Some analysts are ...

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