high anxiety, high security, and a high price of oil

Daru Rateau darurateau at doramail.com
Fri Aug 1 07:41:45 MDT 2003

Courtesy of the chronic insecurity state

OPEC to Leave Oil Output at Current Level
AP to DaruR's My Yahoo!
(so the link would be useless to you, but it's AP or you can get it at yahoonews).

By BRUCE STANLEY, AP Business Writer

VIENNA, Austria - OPEC (news - web sites) has decided to continue pumping crude at current levels but warned that it might cut production later this year, in a widely anticipated step aimed at buttressing high oil prices.

Key excerpt:

>>Analysts said Thursday's decision by the Organization of Petroleum Exporting Countries would have little impact on the retail prices consumers pay for gasoline and other refined products.

OPEC members chose not to lower their daily production ceiling of 25.4
million barrels, despite earlier fears that a revival of Iraqi crude exports might unsettle the market and erode their oil revenues.

Chronic security problems have delayed Iraq (news - web sites)'s return to market, and with prices hovering near the top of OPEC's targeted price range, the group decided that its best policy for now was to hold output steady.

However, the group warned that demand growth during the last three months of the year and in 2004 might not keep pace with available supplies. It foresees an excess supply of 800,000 barrels a day in the fourth quarter and expressed the need for continued vigilance, suggesting it might decide to cut output as early as its next meeting on Sept. 24.<<end


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