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Commodities Briefing - Categorized | Oil, Trends more

OPEC nations to keep oil target unchanged

Posted on 04 December 2012

High oil stockpiles, slowing demand growth and a fragile world economy would give Organisation of the Petroleum Exporting Countries (OPEC) reason to consider supply cuts when it meets next month, Reuters reported at the weekend. But with turmoil in the Middle East keeping the price of oil well into triple digits, OPEC delegates say the 12-member group is expected to stick with an output target of 30 million barrels per day (bpd) agreed a year ago.
They also hope the OPEC will contain tension over sanctions on Iran that have seen Tehran’s output plunge and led Saudi Arabia and Gulf Arab allies Kuwait and the United Arab Emirates to turn up the taps………………………………………..Full Article: Source


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