ISSUES....
Inside, confidential, off the record

 

Opec cuts?

We noted here yesterday that OPEC' President, Mr. Khelil, said that there will be no discussion regarding an increase in production at the March meeting of the cartel in Vienna. As we said, that all but ended any further discussion in that regard; however, discussions of production cuts have not been taken off the table if we are to believe the comments from Iran's Oil Minister, Mr. Gholam Hossein Nozari. Speaking in Tehran at the opening of a new stock exchange there, Mr. Nozari said that "We will certainly need to examine the state of the market and also the global oil reserves and then decide... [but] it is normal for OPEC to cut its production in March every year." Just for the record, OPEC's quota/ceiliing is 29.67 million bpd. It is producing, however, well in excess of that quota at present.
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-Dennis Garthman/The Gartman Letter/ 02 19 08

- For more on interesting comments, you can subscribe to The Gartman Letter by contacting Dennis Garthman: Phone 757 238 9346, Fax 757 238 9346 or dennis@thegartmanletter.com

 

Petroleumworld News 02/19/08

ISSUES.... Is an independent journalist effort from Petroleumworld, on Inside, Confidential
and Off The Record Information, its views are not necessarily those of Petroleumworld

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