Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Razorbak who wrote (82648)	12/26/2000 11:31:15 AM
From: diana g	Read Replies (1) of 95453

An Error in that article irt OPEC Price Band Hi Razor, That CBS MarketWatch article was in error when it stated that the reduction would be triggered by 20 days under the minimum. The correct time is 10 days, and then it is not automatic. CBS MarketWatch----<<<"...OPEC has indicated over the last two weeks that it may decide to lower its production quota if crude prices fall below its targeted price range of $22 to $28 a barrel. The target was breached on Thursday, when the cartel's crude basket price fell to $21.64. OPEC's price band can be triggered if prices remain below $22 for 20 straight days....">>>> Here is a source for my correction--- eia.doe.gov <<<"...At its June 21 meeting, OPEC clarified the terms of the price band mechanism to mean that supply changes would be forthcoming if the daily basket price were above $28 per barrel for 20 consecutive trading days, or below $22 per barrel for 10 consecutive trading days. In addition, OPEC specified that supply adjustments would no longer be automatic, but would be informal and require the approval of an OPEC conference....">>>> regards, diana

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