OGJ NEWSLETTER

The lid, if there ever was an effective one, is off oil production by OPEC members. Oil ministers last week, bowing to the wishes of oil superpower Saudi Arabia, placed a nominal ceiling of 23.65 million b/d on oil flow for the fourth quarter, about equal to present production, but set no limits for individual members. OPEC agreed to a ceiling of 22.3 million b/d last spring, but that has been ignored. The exporters still aim for $21/bbl for their reference basket of crudes, $1-2 more than

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