Oil prices soar as Opec slashes production

Defying expectations, Opec plans to cut its oil production target by 3.5%, Kuwait’s oil minister said today.

Wed, 24 Sep, 2003 - 17:20

Defying expectations, Opec plans to cut its oil production target by 3.5%, Kuwait’s oil minister said today.

Crude oil futures soared immediately. November contracts of North Sea Brent crude rose 98 cents to $26.50 dollars a barrel on the International Petroleum Exchange in London.

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CourtsHeathrowPlace: North SeaPlace: LondonPlace: ViennaPerson: Sheik Ahmad Fahad Al-Ahmad Al-SabahPerson: Saddam HusseinOrganisation: OPECOrganisation: International Petroleum ExchangeOrganisation: Organisation of Petroleum Exporting CountriesOrganisation: IraqOrganisation: Venezuela
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