"OPEC is unlikely to cut output with prices above $40 and there's a possibility of increased production with oil above $50," said Chen Chaur-Shi, an oil markets analyst at commodity futures trader Nihon Unicom Corp in Tokyo.
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OPEC Changed Its Mind
The cartel would not consider cutting production
OPEC?s acting Secretary General Adnan Shihab-Eldin announced that the cartel would not consider cutting production at a meeting in Iran with prices higher than $50 a barrel.
Now OPEC countries are producing at most 200,000 barrels a day more than the demand for oil.
"The environment right now with prices of West Texas Intermediate going over $50 is not conducive to considering cuts in production," Shihab-Eldin said in an interview in Singapore yesterday. "We can afford to wait. If prices continue to be at this level, I think OPEC may elect to wait."
"OPEC is unlikely to cut output with prices above $40 and there's a possibility of increased production with oil above $50," said Chen Chaur-Shi, an oil markets analyst at commodity futures trader Nihon Unicom Corp in Tokyo.
"OPEC is unlikely to cut output with prices above $40 and there's a possibility of increased production with oil above $50," said Chen Chaur-Shi, an oil markets analyst at commodity futures trader Nihon Unicom Corp in Tokyo.
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