February 2004
Africa Monitor: North Africa Monitor;Feb2004, Vol. 9 Issue 2, p1
Country Report
Country Report
The article informs that the oil prices have been at the upper end of the oil producer's economic cartel's (OPEC's) U.S. $22-28 per barrel band for several months as of February 1, 2004 due to high U.S. demand and correspondingly low stocks. Although OPEC's decision to hold quotas in November 2003, which is likely to be repeated in February 2004, is also a contributory factor. With global demand set to increase in 2004 on the back of high U.S. and Chinese growth, and continued problems in growing Iraqi output, there will not be much downward pressure on prices.


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