OIL EXPORTERS PLAN DEEP PRODUCTION CUTS TO DEFEND PRICE STRUCTURE

MEES Executive Editor Ian Seymour reports from London Last week's oil price panic, sparked off by a Norwegian drop on Monday which was swiftly followed by reactive cuts by two other Atlantic Basin exporters the UK and Nigeria on Wednesday and Thursday, will probably turn out to be as short-lived as it was ill-judged. As the spot market plunged North Sea Brent hit a low of nearly $26 a barrel on Thursday major...