OPEC stands by 1-mil b/d crude output cut

摘要

OPEC Mar 31 rubber-stamped its February decision to cut crude output quotas by a combined 1-mil b/d from Apr 1,ignoring the US request not to reduce crude supplies.The cartel said oil markets were well supplied despite prevailing high prices and that the new 23.5-mil b/d ceiling would allow global commercial oil stocks to build to "normal" seasonal levels in the second quarter.