Opec Postpones Emergency Session

Sat., March 14, 1998

From Staff And Wire Reports

OPEC on Friday revived speculation of an emergency meeting to boost the depressed oil market, but traders doubted ministers can find a quick fix to their massive overproduction.

Previous efforts to call a special meeting of the Organization of Petroleum Exporting Countries have fizzled, and markets got just a brief dose of optimism from Friday’s news that the group had delayed a session on quota-busting.

Postponing the meeting of OPEC’s compliance committee could give all 11 ministers time to plan and call a full emergency meeting by as early as late March - although officials were mum about their intentions.

Crude oil futures prices rose but retreated later in the day.

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Opec Postpones Emergency Session

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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