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SC52

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October 16, 2007 12:08PM
http://africa.reuters.com/energyandoil/news/usnL16337780.html?rpc=401&;

OPEC worried by record high oil, but can do no more

OPEC has done its utmost to satisfy the world's demand for fuel and pumping even more crude will do little to halt oil's rally towards $88 a barrel, officials said on Tuesday.
There is no fundamental justification for a price run-up that has lifted oil from below $70 in mid-August, say officials from the group that pumps more than a third of the world's oil.


"OPEC cannot do much now," Libya's top oil official Shokri Ghanem told Reuters. "OPEC did all that it can."

At its meeting in September, with oil a touch below $80, the Organization of the Petroleum Exporting Countries agreed to boost output by 500,000 barrels per day (bpd) from Nov. 1 to soothe consumer concerns of tight supplies and costly fuel.

But oil is now closing in on the inflation-adjusted high of $90.46 seen in 1980, with investors citing rising tension between Turkey and Kurdish separatists in Iraq, robust oil demand growth, tight fuel stocks and a weak dollar............
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SC52

Wizard 592October 16, 2007 12:08PM

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Wizard 350October 16, 2007 01:00PM

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Wizard 352October 16, 2007 04:44PM

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Wizard 341October 25, 2007 04:44PM

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Wizard 335October 25, 2007 06:25PM

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Wizard 411October 29, 2007 01:09PM

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Wizard 371October 31, 2007 12:48PM

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mojavegreen 774November 05, 2007 10:03AM

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Wizard 424October 31, 2007 02:05PM

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Wizard 431November 04, 2007 01:05PM

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Wizard 434November 04, 2007 07:04PM

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Wizard 384November 04, 2007 07:39PM

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Wizard 417November 04, 2007 08:08PM



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