Crude Oil Prices Rises Opec Happy:

Discussion in 'Commodity Futures' started by tradebenz, Oct 18, 2006.

  1. The prices of the crude oil rise in the US market as the members of the OPEC about to meet tomorrow in Qatar to discuss on the same issue that is weather to cut oil production or to continue with the same output. OPEC had already taken the decision of cutting the production but that was done before the prices were rise. So the market is waiting for tomorrow decision taken by the members. This group has decided to cut production by 3.6 % of the total OPEC production. Organization for Petroleum Exporting Countries that pumps out about 40 % of world oil output. A small reduction in the output might effect to the greater extent to the US market.
    OPEC might be happy with the rise in prices and the decision taken by this members is more likely to be positive to the society