OPEC will be watching US stockpiles as the focus shifts away from low winter fuel supplies towards healthier crude and gasoline inventories ahead of the second quarter, when demand hits a seasonal low.
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OPEC Pays No Attention To High Oil Prices
The cartel formally abandoned its $22-$28 price target
The Organization of Petroleum Exporting Countries kept official oil production quotas unchanged at 27 million barrels per day, being confident that higher fuel costs were not damaging global economic growth.
The cartel formally abandoned its $22-$28 price target and appears set to defend $40 a barrel, by leaving the door open to cutting production later to contain a second-quarter stockbuild when the Northern Hemisphere winter ends.
OPEC next meets in Isfahan, Iran, on 16 March, but ministers could agree on an output cut by phone before then. Analysts with PFC Energy said: "OPEC has come clean about its real intention: to test the new level of oil prices."
OPEC will be watching US stockpiles as the focus shifts away from low winter fuel supplies towards healthier crude and gasoline inventories ahead of the second quarter, when demand hits a seasonal low.
OPEC will be watching US stockpiles as the focus shifts away from low winter fuel supplies towards healthier crude and gasoline inventories ahead of the second quarter, when demand hits a seasonal low.
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