Will OPEC cut oil production?
*Forbes, by Lionel Laurent, March 16, 2009:
"The cartel decides against a production cut, leaving traders
disappointed and oil prices down by around $2.00 per barrel.
The oil-exporting cartel OPEC burnished its credibility over the
weekend by deciding not to cut production quotas, despite pressure from
some members that would rather see oil prices in the region of $70-$80
per barrel than the current $40-$50 band. But traders were left
disappointed on Monday, which took the wind out of some of crude oil’s
gains made in the run-up to the cartel’s meeting.
Brent crude fell by $1.49, to $42.87 per barrel, during midday trading
in Europe, while crude futures on the New York Mercantile Exchange sank
by slightly less than $2.00, to $44.28 per barrel. Although OPEC’s 12
members gave mixed signals ahead of the meeting, with Kuwaiti and
Iranian delegates saying the market was 'oversupplied' while Saudi
sources reportedly took a more conservative line, analysts had expected
the cartel to make a somewhat symbolic cut of around 500,000-1 million
barrels per day."
*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
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