World oil futures prices rose sharply after OPEC announced an unexpected 900,000 b/d production cut at a ministerial meeting in Vienna yesterday. November futures on the New York Mercantile Exchange closed US$1.11 higher at $28.24/barrel in response to the news. The cut will reduce the cartel’s output ceiling to 24.5-million b/d from the current level…
MARKETS: Oil prices up sharply after OPEC announce unexpected 900,000 b/d
Posted on September 25, 2003 by EnergyAsia