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S KOREA RELIEVED OF FEARS OF FURTHER OIL QUOTA CUTS.
SEOUL, April 1 Asia Pulse - OPEC's decision to cut the group's daily output quota did not rattle South Korea as it was widely expected with the annual springtime lull kicking in.
The Organization of Petroleum Exporting Countries (OPEC) confirmed its Feb. 10 decision to reduce daily oil production quota by 1 million barrels starting Friday Seoul time in talks at its headquarters in Vienna. OPEC pumps about a third of the world's oil.
"Oil prices will likely go down due to seasonal factors," Jeong Eul-rae, an official at the Korea Oil Corp., said. "But it will not be drastic."
OPEC did not plan any additional production cuts.
Crude oil prices were little changed in New York on Thursday after falling a day earlier when the U.S. Energy Department said the country's inventories surged to their highest levels since August 2002. Oil in New York this year has ...
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Source: HighBeam Research, S KOREA RELIEVED OF FEARS OF FURTHER OIL QUOTA CUTS.