VOL. XLIV

No. 04

22-January-2001

OPEC

OPEC Production Cuts Criticized As Potential Contributor To Market Volatility

OPECs decision to cut production by 1.5mn b/d in a bid to stabilize the OPEC basket crude price at about $25/B has been criticized by US and European Union (EU) energy chiefs and greeted with concern by the International Energy Agency (IEA). Ahead of the 17 January OPEC ministerial meeting, US Energy Secretary Bill Richardson asked the organization to maintain production levels so...