Mish's Global Economic Trend Analysis Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Mish's Global Economic Trend Analysis

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: KyrosL who wrote (17630)	12/6/2004 4:26:40 AM
From: KyrosL	of 116555

Speaking of the devil ... OPEC Weighs Raising Its Target For Oil Prices Amid Recent Slide By BHUSHAN BAHREE Staff Reporter of THE WALL STREET JOURNAL December 6, 2004; Page A1 Even as oil prices tumble from a yearlong surge, easing pressure on the global economy, OPEC is considering a move to stem the slide: an informal attempt to keep minimum prices near $40 a barrel, a sharp increase from the cartel's current target. A growing number of players inside the Organization of Petroleum Exporting Countries is seeking to establish a floor price of $30 for a basket of crude-oil varieties sold by the cartel, according to several oil officials from member nations. The higher floor would be equal to roughly $40 a barrel for the more-prized U.S. light, sweet benchmark crude, and represent an increase of more than one-third over the current target range of $22 to $28 for the basket of OPEC crudes. Such a move would mark OPEC's attempt to keep prices at recent levels, as the OPEC basket of crudes currently is within the potential new price range. It also would mark a reversal for the cartel, which pumps more than a third of the world's oil. As oil marched upward this year, OPEC members tried to talk it down. Now, "there is a feeling that prices should be between $30 a barrel and $40 a barrel" for the OPEC crude basket, said an oil official from a key OPEC member country. ... Full article: online.wsj.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next