RealNews

OPEC’s Tough Call: Raise or Hold Oil Supply

After a year of dizzying gains for energy markets, a rapid fall in oil prices lately is posing a dilemma for OPEC, the oil-producing cartel. Should OPEC make industrialized countries happy by increasing the oil supply, a move that would probably send prices down further? Or should it keep production at a steady level at a time of economic turbulence, when demand could easily taper off? As they prepare to meet in Abu Dhabi this week to set output levels for the winter, officials from the Organization of the Petroleum Exporting Countries are mindful of the many uncertainties that complicate their task. Oil prices flirted with $100 a barrel just two weeks ago, but fears of slowing economic growth have since pushed them down by more than 10 percent. Oil futures settled at $88.71 a barrel, down $2.30, on Friday, after their steepest weekly decline in more than two years. Full Story

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