OPEC crude price slips after decision to maintain outputMarch 6th, 2008 - 6:25 pm ICT by admin
Vienna, March 6 (DPA) The prices of the Organisation of Petroleum Exporting Countries (OPEC) crude slipped after oil ministers of the 13-nation cartel decided to maintain current output levels, the OPEC secretariat said Thursday. One barrel (159 litres) of crude from OPEC’s 12-brand reference basket stood at $95.95 Wednesday, down 34 cents from the previous day, the secretariat said.
At its 148th meeting, OPEC decided to keep current production quotas steady, thereby ignoring calls by US President George W Bush to increase output.
An increase was never really on the cards, with the traditionally low-demand second quarter approaching and markets being oversupplied, Vienna-based analysts JBC said.
OPEC’s restraint on cutting supplies, however, gave the cartel a powerful tool in the coming weeks in case of a price slide, JBC said.