OPEC Could Reverse Decision

Due to the demand for oil and rocketing oil prices, OPEC may revise its decision to cut production quotas, reports Bloomberg with reference to statements of some representatives of the cartel.

Libyan OPEC representative, Abdulhafid Mahmoud Zlitni, commented, "we will see how the market reacts to the decision made." He added, "by the end of March 2004 the market situation will either confirm correctness of our decision or will make us modify it."

Representative of Nigeria, Edmund Dakouro, stated that at its next conference OPEC will consider "All pro's and con's of this decision both for exporters and for consumers and will revise it if necessary." The next conference of OPEC is scheduled on March 31.

The controversial OPEC decision caused a significant growth in world oil prices. After reports about a possibility to revise the decision the prices decreased, reported Bloomberg.