OGJ Newsletter

12/24/2001
Market MovementDeadline looms for OPEC, non-OPEC output accordOPEC will need to reach some agreement soon with non-OPEC members on oil production cuts if logistics are to be arranged by next month's suggested combined reduction of 2 million b/d, said Paul Horsnell, head of energy research for London-based JP Morgan Chase & Co."The three dimensions of the issue at the moment are deadlines, quantities, and duration," Horsnell said in a report issued earlier this month. "Beyond [mid-December], it will become difficult to achieve much of a cut in January, given the need for tanker scheduling at ports and the normal process of notifying customers about lifting allocations."He said, "That p...
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