VOL. XLVII

No 14

05-April-2004

OPEC

OPEC Confirms 1Mn B/D Oil Output Cut To Preempt Excessive 2Q Stock Build

Walid Khadduri and Bill Farren-Price of MEES report from Vienna.

OPEC ministers confirmed their decision to cut output for the OPEC-10 (OPEC without Iraq) by 1mn b/d to 23.5mn b/d as of 1 April at their ordinary ministerial meeting on 31 March in Vienna, despite oil prices that have remained for the most part stubbornly above $30/B since late 2003. In their communiqué, ministers said that...