OPEC unexpectedly left its production levels unchanged on Wednesday, causing oil prices to jump, as senior officials said their meeting ended in disarray — a stunning admission for an organization that places a premium on consensus decision making.
Kuwait's oil minister said today OPEC will hold a special meeting if oil prices hit $100 a barrel. At the same time, he said OPEC will comply with production quotas and not raise output. It's hoped the news will help stabilize prices at the pump in the U.S. Oil was $79 a barrel today.
VIENNA — Saudi Arabia’s oil minister said Tuesday that crude markets were “in good shape,” boosting expectations OPEC will use its meeting this week to stress member compliance with output quotas — instead of cutting production.
Despite the dismal economy, motorists may want to take to the road this summer. The federal government says gasoline prices are expected to stay relatively low. The Energy Information Administration today projected regular-grade gasoline to average $2.23 a gallon during the April-through-September driving season.
Moscow also said it wants to reduce oil production. That’s welcome news to the Organization of the Petroleum Exporting countries as it seeks to bolster prices by cutting the amount of oil available on world markets.
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