No 40



Prospects For Non-OPEC Cooperation On Oil Supply Move Into Focus

OPECs surprise 24 September decision to cut its oil output ceiling by 900,000 b/d reversed the downwards trend seen in oil prices since early August and lifted the OPEC basket price back above the $25/B level. Marking a definite switch in strategy aimed at pre-empting a contra-seasonal stock build in 4Q 2003 and early 2004, the move demonstrated that OPEC decision-makers are now taking a proactive...