VOL. XLVI
No 18
05-May-2003
OIL PRICES/OPEC
Crude Prices Stabilize As OPEC Clarifies Intentions
Markets were confused early last week by OPECs 24 April decision to reduce supplies by 2mn b/d, by means of a revised quota target which, at 25.4mn b/d, was actually higher by 900,000 b/d than the previous ceiling (MEES, 28 April). While the raised quota was to some extent a political necessity, traders saw the supply cut and quota increase as conflicting signals, and feared a potential flood of crude....
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