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Merrill Lynch: OPEC accomplishes mission
Even as ministers of the Organization of Petroleum Exporting Countries prepare for their Sept. 19 meeting in Osaka, analysts at Merrill Lynch, Pierce, Fenner & Smith Inc. have already declared OPEC's "mission accomplished," in sustaining world oil prices through "the worst global demand in 20 years."
"OPEC has safely navigated through the storm," said five Merrill Lynch analysts in a report issued Sept. 6. "OPEC's output cuts in 2001 and 2002 significantly mitigated the impact of negative demand shocks caused by a slowing economy and the (Sept. 11, 2001, terrorist) attacks."