Published September 8th, 2009
OPEC quotas held after oil prices Reaches $ 75 in Saudi Arabia
OPEC world oil managers had persuaded the ministers of energy to maintain oil production quotas, so that world oil prices do not rise too high.
However, according to the Organization of Petroleum Exporting countries, that reducing it would harm the delivery of global economic recovery. So that the oil price rises to $ 75 per barrel on August 25, which according to Saudi Arabian King Abdullah said the fair for consumers and producers.
“OPEC member countries would be happy with high oil prices, which they can not be anticipated back in January,” said Edward Morse, chief of economic research at LCM Commodities LLC in New York. “They will not seriously consider to deepen or extend the cut at this stage. OPEC has taken a lot of oil out of the market, and it will clean the market up.”
(more…)


