VOL. XLVI

No 17

28-April-2003

OIL PRICES

Crude Prices Fall On US Imports Surge But Steady As OPEC Announces Supply Cut

Crude prices fell last week as US stocks data showed crude imports reached their highest level ever, but the slide was halted when OPEC announced after its consultative ministerial meeting in Vienna on 24 April that crude production would be reduced by 2mn b/d from 1 June. The agreement was seen as enabling currently scheduled loadings from the Gulf to be delivered to the market,...