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...
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