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BRIEFING - ASIA ENERGY - APRIL 1, 2004.

AsiaPulse News

| April 01, 2004 | COPYRIGHT 2004 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

An executive briefing on energy for April 1, 2004, prepared by Asia Pulse (http://www.asiapulse.com), the real-time, Asia-based wire with exclusive news, commercial intelligence and business opportunities.

INTERNATIONAL OIL PRICES FALL DESPITE CONCERNS OVER OPEC CUT

SEOUL - Crude oil prices fell on international markets although the Organization of Petroleum Exporting Countries (OPEC) decided to cut daily production, South Korea's state-run oil corporation said today.

According to the Korea National Oil Corp. (KNOC), prices of West Texas Intermediate (WTI) crude oil stood at US$35.73 per barrel, down US$0.46 from the previous day. International benchmark Brent traded at US$32.17 per barrel, down US$0.91 from the previous session.

S KOREA RELIEVED OF FEARS OF FURTHER OIL QUOTA CUTS

SEOUL - 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.

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