VOL. XLIV

No 50

10-December-2001

OPEC

Markets Wait For Details Of OPEC/Non-OPEC Production Cuts

Russia announced on 5 December amuch sought-after pledge to reduce crude oil exports by 150,000 b/d from 1January. The Russian decision was key to a potential OPEC-coordinated move tostabilize crude prices, which required simultaneous non-OPEC cuts totaling500,000 b/d as an essential precondition for OPEC to undertake a productionquota cut of 1.5mn b/d beginning 1 January (MEES, 19 November). At...