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OPEC to meet amid Saudi-Iran frictions

Posted on 31 May 2013

Once the symbol of oil dominance, OPEC faces new challenges as its members gather for a ministerial meeting this week on how much crude to pump. For the 12 oil ministers from countries ranging from Venezuela to Nigeria and Iran, the formal focus of Friday’s get-together is to determine production levels.
The consensus in the markets is that ministers will opt to maintain the status quo as prices for U.S. benchmark oil have traded in a narrow range a few dollars above $90 a barrel. Brent crude, the reference point for many international oil varieties, is just above the $100 mark some countries OPEC exporters consider the acceptable minimum………………………………………..Full Article: Source

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