Wednesday, March 09, 2011

OPEC May Call Emergency Meeting

Kuwait has said that the Organization of Petroleum Exporting Countries may hold an emergency meeting concerning the crimping of oil supplies from Libya. The tiny Persian Gulf emirate made this announcement after Saudi Arabia has stated that it will increase its oil production to make up for the loss in North Africa.

“We will call everybody and they will decide if there is a need for a meeting,” the Kuwaiti oil minister said.
Asked if the market needs more oil from OPEC, he replied: “Not yet.”

Questioned whether Kuwait will raise production by April, he said: “It depends on the meeting, it has to be a collective decision.” 

 Great... remember that OPEC nations make much more when oil spikes. Their one consideration may be to avoid oil going to $150 and causing a double-dip recession.

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