VOL. XLVI

No 43

27-October-2003

OPEC

Production Cuts Justified By Oversupply Risks, Argues OPEC

OPECs decision to reduce crude production by 900,000 b/d from 1 November should be viewed as a reasoned response to market fundamentals and a proactive effort to accommodate growing Iraqi output, the organization argues. In its October Monthly Oil Market Report, published on 17 October, OPEC says: Just as earlier in the year OPEC maintained balance in the global oil market by increasing production to...