VOL. XLVII

No 02

12-January-2004

OPEC

Market Remains Tight Despite Higher OPEC Production In December

Crude oil price remained high last week, despite evidence of significant production above quotas in December by OPEC members and indications that the organization does not plan to cut quotas at its meeting next month. The most obvious support for prices was continuing low US inventories, although the weak dollar ensured that speculative investors saw the prospect for further profits from oil and...