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Organization of Petroleum Exporting Countries (OPEC) Likely to Maintain Crude Oil Production Quotas
The Organization of Petroleum Exporting Countries (OPEC) will likely maintain its crude oil production quotas at its meeting in Vienna, Austria tomorrow (Thursday).
Saudi Arabia’s oil minister, Ali Naimi, has indicated that while demand is beginning to pick up, inventories remain dangerously high. Therefore, it would be best for the cartel to “stay its course” by continuing to adhere to previous production cuts until demand stabilizes.
After soaring above $147 a barrel last summer the price of oil tumbled more than 80% to a four-year low of $32.70 a barrel in February. To combat the sharp decline in prices, OPEC…
28May2009 | Money Morning | 1 comment | Continued
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