VOL. XLVI

No 8

24-February-2003

OPEC

Crude Prices Kept High By US Products Tightness

Crude prices have generally maintained recent highs due to low US stocks and continuing tension over Iraq. As the US and UK decided to push for a second UN resolution on Iraq, there was evidence that the market was well supplied with crude, even though there was potential unrest in a number of producer countries.

The effects of OPECs increased supplies were shown by a collapse in the price of US sour crudes last...