OPEC, the Organization of Petroleum Exporting Countries, is heading into it's final meeting of the year this Friday. Among the concerns of OPEC leaders is the fact that there is likely to be a surplus in crude oil come the beginning of the year. Saudi Arabia is the top oil-producing nation in OPEC, and the oil minister of Saudi Arabia, Ali Naimi, is questioning whether OPEC should rein in their supply to keep prices up.
"The OPEC basket is still $33, the winter has not even started in the (U.S.) northeast," Saudi Oil Minister Ali al-Naimi told a small group of reporters....
"The winter is coming, our (target price) band is still $22-$28, so why should we do anything ?" said Naimi. U.S. crude, higher in value than OPEC's basket, was down another 57 cents at $40.89 a barrel on Wednesday.
Full story here.
Posted by yakuza at December 8, 2004 03:30 PM | TrackBack