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Commodities Briefing - Categorized | Oil, Price Watch more

OPEC members seek $100 a barrel oil to counter dollar weakness

Posted on 15 October 2010

From Bloomberg: The 13 percent decline in the dollar index since June has led some OPEC members to call for oil to rise to $100 a barrel. The U.S. currency’s weakness means the “real price” of oil is about $20 less than current levels, Venezuelan Energy and Oil Minister Rafael Ramirez said after yesterday’s meeting of the Organization of Petroleum Exporting Countries in Vienna.
The group, which accounts for 40 percent of global crude output, left targets unchanged and called for greater adherence to quotas, which are being exceeded by a supertanker a day……………………………………….Full Article: Source

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