11 terrorist attacks. Oil prices have been on the rise because of OPEC and non-OPEC production cuts, an improving U.S. economy, and concern over U.S. intentions toward Iraq. (OD) March 12: Shareholders of Conoco and Phillips Petroleum approve a proposed $15.6-billion merger of the two major oil companies. The new company would be the third-largest oil company in the United States and the sixth-largest investor-owned oil company in the world. The company would also be the largest oil refiner in the United States. Joint reserves of the two companies are about of oil equivalent. (AP) March 15: OPEC oil ministers meeting in Vienna decide to maintain their quota restrictions, established January 1, 2002, through the end of the second quarter of the year. On January 1, 2002, OPEC cut its crude oil production quotas by an aggregate . (NYT) March 20: Russian Prime Minister Mikhail Kasyanov announces that Russia will extend its voluntary crude oil export cuts of through the end of the second quarter of 2002. Russia, the biggest non-OPEC oil exporter, had agreed to implement the cuts beginning on January 1, 2002 as a cooperative move with OPEC. Many analysts question whether Russia has complied at all with its pledged cuts, and some data actually points to Russian exports rising since the beginning of January. (NYT) April 1: India liberalizes its oil and natural gas sector by putting in place a series of market reforms, including: the end of government-fixed prices for gasoline and diesel; the end of subsidized cooking gas and kerosene prices; market competition for state-run downstream companies; and assigning the Oil Ministry the role of energy watchdog. (Reuters) April 2: Royal Dutch Shell agrees to buy Enterprise Oil for $5 billion in cash. This will increase Royal Dutch/Shell's production in the North Sea by 30% and overall production by 6%, according to the company. The acquisition will also add of oil to Royal Dutch/Shell's reserves. The company is also assuming $1.15 billion in Enterprise's debt. (NYT) April 3: Venezuela sends out its first commercial shipment of of synthetic crude to a U.S. Gulf Coast refinery. Venezuela's Sincor heavy crude upgrade plant, which was inaugurated last month, refines ultra-heavy crude oil into 32 degree API syncrude. (Reuters) April 4: The Angolan army signs a ceasefire accord with rebels of the National Union for the Total Independence of Angola (Unita). The agreement includes amnesty for former Unita