VOL. XLIV

No 47

19-November-2001

OIL PRICES

Crude Prices Fall More Than $3/BAs OPEC Agrees Conditional Production Cuts

OPECs pledge to reduce productionby 1.5mn b/d from 1 January, but only on condition that non-OPEC also cuts outputby 500,000 b/d simultaneously, caused a $3/B-plus tumble in prices for the mainmarket benchmark crudes. Both WTI and Brent futures fell sharply after OPECannounced its decision on 14 November, as traders reasoned that the probablynegative response from most non-OPEC...