OGJ Newsletter

Market MovementOPEC contemplating oil quota cut OPEC officials confirmed member nations are discussing whether to cut the group's oil production quotas. The organization has been assessing the impact on the oil markets of the US and British military strikes against Afghanistan. Chakib Khelil, OPEC president and Algerian energy and mines minister, told reporters in Sudan last week that there is the possibility of an OPEC meeting being called before the next scheduled meeting Nov. 14 in Vienna.The basket of OPEC crudes was $19.86/bbl on Oct. 10, representing the third week that the price has remained below the group's targeted floor of $22/bbl.OPEC officials can order immediate prod...

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