Thursday, April 15, 2010

OPEC May Increase Production if Oil Prices Go Over $100 a Barrel

OPEC May Increase Oil Production if Prices Go Over $100 a Barrel

OPEC will change its production levels if the price of oil goes above $100 a barrel, said Kuwaiti Oil Minister Sheikh Ahmad Abdullah al-Sabah today.

Even so, Sheikh Ahmad that considerations would have to be taken into account concerning supply and demand when making decisions.

For now, oil prices at about $85 a barrel are considered a good price by OPEC, and that isn't anticipated to change much, although some think it'll go much higher as the summer period comes.

I don't think so though, as the so-called recovery isn't really one, as data continues to come out showing increased loss of jobs and foreclosures.

That will keep oil demand from rising, along with oil prices.

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