OGJ Newsletter

Market MovementOPEC maintains current oil productionAs expected, OPEC decided July 3 to keep oil production at the current level of 24.2 million b/d.Delegates of the 10 OPEC nations-Iraq is excluded from quota decisions-agreed to maintain production during an informal meeting in Vienna that preceded their formal meeting at OPEC headquarters.Sec. Gen. Alí Rodríguez Araque said the group's decision took into consideration the possibility that Iraq might resume exports in the near future.The OPEC meeting was delayed while the United Nations Security Council members discussed an extension of sanctions. Under the oil-for-aid program begun in December 1996, the UN earmarks abo...

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