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Commodities Briefing - Categorized | Oil, Price Watch, Regulatory more

Opec unlikely to hit $75 target

Posted on 26 February 2009

From Zawya.com: Opec has managed to halt a steep slide in oil prices by slashing supplies but it would be impossible for the group to push them up to its presumed target of $75 a barrel, a London-based energy centre said yesterday.

The Centre for Global Energy Studies (CGES) said the 12-nation Organisation of Petroleum Exporting Countries (Opec) had trimmed its crude supply by nearly 2.3 million barrels per day out of the agreed total cut of 4.2 million bpd but further output reductions are expected this month and in March….. Full Article: Source


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