VOL. XLIV

No. 04

22-January-2001

OPEC

Confirmation Of OPEC Cuts And Iraq Rumors Tug Crude Prices Down Temporarily

Crude oil prices on the NYMEX and IPE exchanges were strong ahead of last weeks OPEC meeting but fell on 17 January the day OPEC announced its decision to cut output by 1.5mn b/d beginning 1 February because the announcement had been anticipated and also because of rumors that Iraq might be preparing to resume full oil exports. However, prices bounced back as markets adjusted their...