OPEC Seems Split on Response to Economic Slowdown
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The worldâs top oil producers appear divided about how to respond to the threat of a sluggish global economy, and thus OPECâs meeting in Vienna on Tuesday may be contentious.
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The economy is still caught between slowing growth and stubborn inflation pressures, new government reports showed yesterday.
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VIENNA: The spike in oil prices is stoking heated arguments between market players, who blame each other for lack of output capacities that has been exposed by strong global demand.
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OPEC is keeping its foot to the pedal on production in a bid to drag down oil prices but may be reluctant to rubber-stamp extra supplies by lifting official output limits, Saudi Arabia said on Tuesday.
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OPEC, the producer of 40 percent of the world's oil, is considering its second production cut in three months to prevent a price drop early next year.
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OPEC oil producers on Thursday weighed up  whether heavy recent price falls were severe enough to warrant  cutting back excess supply at Friday's ministerial meeting.
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Oil prices continue falling on comments from Iran and Opec that suggest increasing supply is a possibility.
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Economists are divided over whether the rise in prices will be short-lived.
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OPEC ministers said Thursday that they were considering curbing output and taking some oil off the market to prevent a price slump.
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As OPEC ministers prepare to meet Monday, the question on their minds is not how high oil prices will rise, but how far they may drop.
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Oil prices were steady near $61 a barrel on Wednesday after hitting a two-week low amid disagreement among OPEC members over whether to cut output.
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OPEC said on Friday there were risks an economic slowdown could worsen in 2008 and forecast that weaker growth and easing political tension could take the heat out of near-record oil prices.
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A meeting of OPEC members this week will decide whether to increase its production band and prices, or lower them, amid wildly oscillating oil markets.
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OPEC was meeting on Tuesday to consider a modest rise in oil output proposed by Saudi Arabia and other Gulf Arab states in a gesture to consumers worried by the economic impact of $77 oil and rapidly diminishing stocks.
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LONDON - Despite a recent plunge in oil prices, Opec producers appear to be in no rush to cut output quotas and markets expect the taps to be left wide open when ministers meet in Cairo this week.
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Oil prices eased on Friday as OPEC looked set to keep output unchanged at its meeting this weekend, although concern ahead of Sunday's election in Iraq limited the fall.
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Oil steadied above $65 a barrel on   Tuesday, taking a breather from a six-day retreat after Iran   sounded a softer note on its atomic program and OPEC agreed to   keep production steady for now.