Reuters reports that OPEC's president signalled on Monday it
could act to reduce a glut of oil that has knocked the price down towards
double digits, but said it was unlikely to set individual country production
quotas at a meeting this week.
Abdul Kareem Luaibi, who also serves as oil minister of Iraq,
said maintaining the price at $100-$120 a barrel was "reasonable and
acceptable", but repeatedly declined to specify what action if any OPEC
might take when it meets on Thursday.
Supply from OPEC is running nearly 2 million barrels per day
(bpd) above a self-imposed production ceiling of 30 million barrels per day set
when ministers last met in December. At the time, individual targets for
countries were not allocated.
Wait…wait…there’s more.
Go to http://finance.yahoo.com/news/oil-glut-hits-price-100-103728869.html
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