OGJ Newsletter

The Apr. 24 decision by ministers of the Organization of the Petroleum Exporting Countries to raise their official quota by 900,000 b/d to 25.4 million b/d, effective June 1, effectively promising to reduce recent overproduction by 2 million b/d, triggered a general retreat in oil prices until a weaker-than-expected build in US crude inventories and expressions of concern by OPEC officials sparked an Apr. 30 price increase.

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