OPEC holds quotas steady, seeks better compliance

OPEC HAS OFFICIALLY agreed in its ministerial meeting to keep its production quotas steady, as expected, and called for members to improve their compliance with production cuts agreed upon last year.

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Oil drama reviewed

BP SAYS GLOBAL oil consumption dropped by 420,000bpd in 2008, the first decline since 1993 and the largest drop recorded since 1982. Worldwide the fall was only 0.6 per cent but in OECD (industrialised) countries it was as much as 3.2 per cent, led by a drop of 6.4 per cent in the USA.

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