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It then reduced its".5 million barrels per day and was joined by several non-opec producers including Russia which promised combined production cuts of an additional 462,500 barrels. In response opec once again entered into a series of reductions in member"s cutting.5 million barrels by September 1, 2001. Other major factors contributing to higher prices included a weak dollar and the rapid growth in Asian economies and their petroleum consumption. . A million barrels per day is not enough spare capacity to cover an interruption of supply from most opec producers.
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The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates. In mid 2002, there were more than six million barrels per day of excess production capacity and by mid-2003 the excess was below two million. Under normal circumstances a drop in price of this magnitude would have resulted in another round of" reductions. In the absence of the September 11, 2001 terrorist attacks, this would have been sufficient to moderate or even reverse the downward trend. In the wake of the strike Venezuela was never able to restore capacity to its previous level and is still about 900,000 barrels per day below its peak capacity.5 million barrels per day.
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Refinery problems associated with the conversion from mtbe to ethanol as a gasoline additive also contributed to higher prices. Opec increased"s.8 million barrels per day in January and February 2003. Inventories reached a 20-year low later in the year. During much of 20 the spare capacity to produce oil was less than a million barrels per day.
Problems in Venezuela led to a strike at pdvsa causing Venezuelan production to plummet. Once again it appeared that opec overshot the mark. In 2001, a weakened US economy and increases in non-opec production put downward pressure on prices. . With an improving economy.S.
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And other oecd countries. Russian production increases dominated non-opec production growth from 2000 to 2007 and was responsible for most of the non-opec increase since the turn of the century. Spot prices for the.S. By midyear the non-opec members were restoring their production cuts but prices continued to rise.S. This had the desired effect with oil prices moving into the 25 range by March 2002.
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BP Share Price, datafeed and UK data supplied by NBTrader and Digital Look. The loss of production capacity in Iraq and Venezuela combined with increased opec production to meet growing international demand led to the erosion of excess oil production capacity. By year end oversupply was not a problem. London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.
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Benchmark West Texas Intermediate were down 35 percent by the middle of November. Lloyds Share Price, datafeed and UK data supplied by NBTrader and Digital Look. Meanwhile, inventories remained low in the.S.