17/3/2005
OPEC increases output
Story link: OPEC increases output by Brian Turner
OPEC have agreed to increase output by 500,000 barrels a day. The move comes in response to continued high oil prices, and is unusual in that spring quotas are usually associated with cuts due. OPEC also suggested another possible raise in output beween April and June. However, OPEC members are already believed to be supplying [...]
1/3/2005
OPEC: no cuts
Story link: OPEC: no cuts by Brian Turner
OPEC reported that it would be unlikely to reduce output, as oil prices remain high at around $50 a barrel. OPEC secretary general Adnan Shihab-Eldin pointed out that already high prices meant that lowering production would not be likely, especially as cold weather was putting pressure on prices across North America and Europe. OPEC meet [...]
Data, new rig fire send crude prices higher.