Archived IMT (2008.09.10)
OPEC SURPRISES & CUTS OUTPUT by 520K mln bpd, reverting to 2007 production limit of 28.8 mln barrel per day. Oil prices rise by more than $1.00 pb to $104.30. Dollar dropped by over half a cent against EUR w/in mins but is now stabilizing. Looks like OPEC is increasingly concerned speculators will work the other way round, adding to downside pressure in event of a break below $100 pb mark. Fears of intensifying global slowdown and deepening equity selloffs are also highlighting OPEC's worries over demand.
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