VOL. XLIV

No 31

30-July-2001

OPEC

OPEC CutsProduction To Stabilize Prices

OPEC is to cut production for the third time thisyear in a demonstration of its determination to pursue a pro-active policy tostabilize prices at an OPEC Basket price of around $25/B. On 25 July, followingextensive consultations by phone and fax, the OPEC oil ministers issued acommuniqué in Vienna (see text below) announcing that the 10 memberstates (excluding Iraq) would cut production by 1mn b/d on a pro rata basis...