VOL. XLVI

No 39

29-September-2003

OPEC

OIL PRICES

Crude Prices Rise More Than $1/B On Surprise OPEC Quotas Cut

Crude prices rose by more than $1/B on 24 September, after OPEC ministers meeting in Vienna announced a 900,000 b/d reduction in total production quotas beginning on 1 November. The quotas cut was announced at a time when the price for OPEC Basket crude appeared to be settling around the center of the organizations $22-28/B target band for the first time in months. The announcement took...