April 4, 2007
Opec deepens oil cuts
Opec last month bet the diplomatic tensions over Iran would eventually be resolved, or so it seems by its actions. The oil cartel in March cut a further 200,000 barrels a day of its production to try to ensure that prices did not drop too far below $60 a barrel. The group’s active members, which are beholden to its quota system, now produce 26.31m barrels a day, according to a study by Bloomberg. Opec tracks its own production on a monthly basis, but exact data are difficult to come by because of the secretive nature of some countries and the poor managerial capabilities of others. (World oil demand stands at about 85m b/d.)
