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Opec’s caution reflects fears of oil oversupply

Posted on 03 June 2013

The headlines did not quite reflect the wider drama as the Organisation of the Petroleum Exporting Countries (Opec), the cartel of 12 oil-producing nations, met behind closed doors on Friday.
Gathering for their biannual meeting to set their production target, they left it, as expected, at 30m barrels per day (bpd), their third rollover in a row. As ever, Opec has to consider the benefit its members could reap from reduced supply, which would push up prices, to the damage higher prices could inflict on the global economy – potentially risking a hit to demand. For now, it has stuck with the status quo………………………………………..Full Article: Source


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