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Commodities Briefing - Categorized | Market Moves, Oil more

IEA to OPEC: It’d be great if you guys could increase the oil supply

Posted on 20 May 2011

On June 8, the Organization of Petroleum Exporting Companies will hold a meeting in Vienna. The meeting may be chaired by Mahmoud Ahmadinejad, the president of Iran, a prospect that has some people in the West nervous. Today, the International Energy Agency issued a statement urging oil producers to make more oil available, lest prices balloon out of control.
“Additional increases in prices at this stage of the economic cycle risk derailing the global economic recovery,” the IEA statement reads, “and are neither in the interest of producing nor of consuming countries……………………………………….Full Article: Source


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