OGJ Newsletter

12/03/2001
Market MovementSpeculation continues over Russia's oil outputOil prices experienced a roller coaster ride last week amid speculation about Russian oil output along with a sequence of events that rocked Houston-based trading giant Enron (see NL Bulletin, this page). Click here to enlarge imageOPEC had called for Russia to slash its output by at least 300,000 b/d in order to trigger an OPEC cut of 1.5 million b/d on Jan. 1, 2002. In total, OPEC wants non-OPEC exporters to reduce production by 500,000 b/d. Norway and Mexico have said they would cooperate.Russia initially responded with a token cut of 50,000 b/d. But then last week, Deputy Prime Minister Viktor Khristenko said Russia wil...
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