| As OPEC members meet in Vienna next week, they have good reason to feel satisfied, Gulf Oil Review said in its market insight released Wednesday. For the first time in history, the average price of the group’s basket of oil has been above $100 a barrel for eight consecutive quarters.
The stability of the oil price, especially in the past three quarters, is remarkable given the many weaknesses in the world economy; the EU debt crisis; sanctions on Iran’s oil; geopolitical tensions in the Middle East; and unplanned supply outages outside this region. While macroeconomic risks abound, the risks of a shock are receding and therefore, so is the prospect of a sharp dip in the oil price...............................................Full Article: Source
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