Title: OPEC Meeting Concludes
URL(s):
http://www20.cera.com/eprofile?u=35&m=2475

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OPEC ENDS MEETING QUICKLY

OPEC ended its special meeting on June 5, the day it was convened. Iraq's
decision to curtail its exports of over 2 million barrels per day (mbd) was a
complicating factor that contributed to the outcome.

*  OPEC agreed to roll over the current quota of 24.2 mbd.

*  An emergency meeting is set for July 3 to discuss the shortfall from Iraq,
if the export cutoff is still in place.

*  The market reaction is muted so far but could intensify because of
tightening fundamentals.

**end**

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