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UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
Opec has indicated that it will meet this weekend to agree to increase productio ...
Opec has indicated that it will meet this weekend to agree to increase production quotas. It is expected that the cartel will agree to expand output by between 1mn and 1.5mn b/d in order to reduce pressure on oil prices and help alleviate supply shortfalls from Venezuela where a general strike has significantly reduced oil production. Prior to the strike Venezuela was the world’s fifth largest oil exporter, producing more than 3mn b/d. Crude oil prices have risen by around $6/b since the strike began in mid-November 2002. At the close of trading on 7 January 2003 two-month Brent crude futures prices closed at $28.37/b and the Opec basket price closed at $29.72/b.
News Item details
Region: World
Keywords: Oil price
Organisation: OPEC
Subjects: Information technology, Trading, Oil markets, Transportation, Transmission and Distribution, Crude oil, Oil
