OGJ Newsletter

10/08/2001
Market MovementOPEC opts to 'sit tight'The uncertainty surrounding world oil markets is being underscored by concerns about the potential effects of an economic contraction-in the US and elsewhere in the world-as well as tumbling oil prices.Mike Rothman, senior energy market specialist for Merrill Lynch, said that although "[oil] prices have fallen to levels that would normally elicit corrective OPEC action, the [recent] ministerial meetingellipseconcluded with an agreement to 'sit tight' for the time being and monitor developments in the Mideast following the Sept. 11 attacks on the World Trade Center and Pentagon. With OECD inventories standing at well below normal level...
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