VOL. XLV

No 41

14-October-2002

OIL PRICES

Price Fall Takes Pressure Off OPEC

The fall of the OPEC Basket price below $28/B last week took the pressure off the organization to consider an official increase of production quotas, although actual OPEC production continues to rise. OPEC has said it will increase the production ceiling in response to increased demand, but maintains that prices are buoyed by a war premium. With last weeks fall and subsequent rise of expectation of a US attack on Iraq...