International: World oil production ///
Slowing economic performance in the U.S., coupled with terrorist concerns and subsequent weakening of financial markets in other countries, contributed to slackening oil demand and a resultant drop in global oil production. Estimated worldwide crude and condensate output declined 1.4% in 2001, to 67.408 million bpd.
As a consequence, global oil prices fell from their loftier heights of $26 to $30/bbl, to a level of $18 to $22/bbl. The relatively quick, noticeably steep drop in prices prompted OPEC to react with multiple cuts in production quotas. The latest quota reduction agreement that began at the first of this year cuts output by 1.5 million bopd, in concert with five non-OPEC nations (Russia, Norway, Mexico, Oman and Angola).
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