OPEC May Become the Reason of New Panic

International Energy Agency informed that OPEC may consider increasing the $28-a-barrel upper limit in the end of May.
Qatari Energy Minister Abdullah Al Attiyah said that ministers from the OPEC would likely consider the validity of the band, which ranges between $22 and $28 a barrel, on May 21.
But he stressed that no official proposal had been put forward to change the band.
"What the new band will be - it's still not very clear to me."
OPEC ministers are to attend a forum in Amsterdam on May 21 bringing together producers and consumers of oil.
The possibility that the band, determined by the average price of seven grades of crude, might be revised was raised on Tuesday by OPEC president and Indonesian Oil Minister Purnomo Yusgiantoro. He said the band could be expanded by about $4 to take account of the sliding dollar.
The upper reach of the band has been surpassed for months. But OPEC maintains that the spurt in prices reflects speculation and geopolitical tension rather than a shortage of oil on the market.
Despite the recent spike in prices, OPEC in fact decided to cut production by 2.5 million barrels a day as of April 1.
IEA executive director Claude Mandil, informed of the possibility of an OPEC price band expansion, said: "It it's true, it's a pity. Our concern is to make sure that there is no oil crisis, that is either a very low price or a very high price, or a jittery price."