WTRG Economics Crude Oil Price History and Outlook
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OPEC reaches agreement. Production increase of 708,000 barrels per day. Mexico will add 75,000 and Norway may add 100,000 barrels per day.
More on OPEC
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After extended negotiation, OPEC reached an agreement to increase production by 708,000 barrels per day. The initial reaction of the futures market was to act as though the agreement never happened. Indications are that OPEC will consider additional increases within a month if prices are maintained at current levels. The next Meeting is scheduled for September 10, 2000.  More information on OPEC.
OPEC Crude Oil Production Quotas1
April 1, 1999 
Quota2		 March 28, 2000
Quota2		 June 21, 2000
Quota2
Country (thousand b/d) (thousand b/d) (thousand b/d)
Algeria 731 788
811
Indonesia 1,187 1,280
1,317 
Iran
3,359
3,6234
3,727
Kuwait 1,836 1,980
 2,037
Libya 1,227 1,323
1,361
Nigeria 1,885 2,033
2,091
Qatar 593 640
658
Saudi Arabia 7,438 8,023
 8,253
United Arab Emirates 2,000 2,157
2,219
Venezuela 2,720 2,845
2,926
OPEC 10 22,976 24,692
25,400
Iraq3 NA NA NA
TOTAL OPEC NA NA NA
NA: Not Applicable
1. Crude oil does not include natural gas liquids or lease condensate.
2. Quotas are based on crude oil production.
3 Iraqi oil production is constrained by the United Nations' export limits and is not a part of OPEC agreements
4 Iran was not a part of the March 28, 2000 agreement. 
 

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James L. Williams
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