Wednesday, December 5, 2007
A big oily spanner appears at the eleventh hour!!! – Could this stay the cut?
Opec, the oil producers group that pumps 40 per cent of the world's crude, is expected to keep output levels unchanged despite strong calls from the West to increase production. Ali al-Nuaimi, the Saudi Oil Minister, told reporters at the start of the meeting: “There is nothing that justifies an increase or a decrease." A decision not to increase production is likely to result in oil prices climbing back to their record high of $99.29 a barrel on November 21, after cooling in recent weeks on expectations of an increase in output. This morning London Brent crude rose 57 cents to $90.10, while US crude was up 46 cents to $88.78.