Oil's well.(Hot Commodities)(Organization of Petroleum Exporting Countries announce production cuts of 2.1 million barrels a day)(Brief Article)

From: Futures (Cedar Falls, Iowa) | Date: May 1, 1999 | Copyright information

The Organization of Petroleum Exporting Countries (Opec) and other nations set oil futures afire by announcing production cuts of 2.1 million barrels a day in late March.

Opec rarely gets full compliance on cuts, so analysts say oil should give back some of its gains.

Sarah Emerson, director of petroleum at Energy Security Analysis in Washington, D.C., says crude stocks are 100 million barrels above 1997 levels, when an oil surplus began to grow, but supply cu...

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