OPEC Says Excess Oil In Market
Posted by Srikant Rajan | # |
05:36:44 am on August 19, 2008

OPEC has managed to shoot itself in its feet with a new string of “  enlightening  ” statements.Just some time back OPEC, president Chakib Khelil had found biofuel use as contributing to rising oil prices in addition to “  geopolitical worries ”( rational behind this is anybody’s guess ! ). Now,with the recent easing in oil prices , the windfall profits being raked in by OPEC have taken a significant hit. Nobody likes less money  , certainly not the rich !  And thus OPEC has  highlighted that the market is seeing an excess of oil supply , an estimated million extra barrels a day, that is actually pushing down the prices. Thus in order to remove this surplus oil , OPEC wants to cut down production. This in turn would effectively mean that the prices may not come down any further .

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