No. 12



Markets Weaken As OPEC Ponders Size Of Production Cut

Despite general anticipation that OPEC would cut production at its meeting on 16 March, which in normal circumstances would help to keep oil prices high, the markets saw prices plummet last week on growing fears of a global economic slowdown and reduced oil demand. Central to the pessimism of oil traders was the International Energy Agencys (IEA) reduction of forecast crude demand growth this year by a...