10.01.2013 - Lofty oil prices make life easy for OPEC but tough challenges lie ahead
OPEC had a relatively easy 2012 with oil prices holding above the $100/barrel mark despite a still fragile global economy. There were no major public disagreements over output policy between members, unlike in 2011 when the cartelís June conference ended without an agreement on production levels and with Saudi Arabian oil minister Ali Naimi describing the meeting as the worst ever. But the next couple of years could present some challenges to OPEC. One particular challenge will be the steep fall in US demand for imported oil, as highlighted on January 8 in the latest Short-Term Energy Outlook from the US Energy Information Administration, which is the statistics arm of the Department of Energy...............................................Full Article: Source
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